HomeAltcoin NewsEOS Price Analysis: Bears In Action, More Losses Likely

EOS Price Analysis: Bears In Action, More Losses Likely

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  • EOS price is declining and it recently traded below the $2.620 support against the US Dollar.
  • The price is now trading above the $2.500 and $2.520 support levels.
  • There is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could struggle to stay above $2.500 and it might test the $2.360 support.

EOS price is slowly moving into a bearish zone against the US Dollar and bitcoin. The price is likely to struggle near $2.650 and it might even trade below $2.500.

EOS Price Analysis

This week, there were mostly bearish moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price failed to surpass the $2.750 and $2.800 resistance levels.

As a result, there was a fresh decline and the price broke the $2.650 and $2.620 support levels. Moreover, there was a close below $2.620 and the 55 simple moving average (4-hours).

It opened the doors for more downsides and the price traded as low as $2.524. It is currently consolidating above the $2.520 and $2.500 support levels. An initial resistance is near the $2.585 level.

Besides, the 23.6% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also near the $2.585 level. The first key resistance is near the $2.620 level (the recent breakdown area).

The next major resistance is near the $2.650 level. Additionally, the 50% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also close to $2.650.

More importantly, there is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair. An intermediate resistance is near $2.670 and the 55 simple moving average (4-hours).

Therefore, the bulls are likely to face a lot of hurdles, starting from $2.620 and up to $2.750. A successful daily close above the $2.750 level is needed for a strong recovery above the $3.000 level.

On the downside, the main supports are near $2.520 and $2.500. If there is a downside break below the $2.500 level, the price is likely to accelerate lower towards the $2.320 level.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading below a few key hurdles near $2.620 and $2.650. Thus, there is a risk of more losses below the $2.500 support in the near term.

Technical indicators

Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 40 level.

Major Support Levels – $2.500 and $2.320.

Major Resistance Levels – $2.650 and $2.750.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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