HomeAltcoin NewsEOS Price Analysis: Bears In Control Below $0.60

EOS Price Analysis: Bears In Control Below $0.60

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  • EOS price started a fresh decline below the $0.580 zone against the US Dollar.
  • The price is now trading below $0.580 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.5600 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $0.585 and $0.600 resistance levels.

EOS price is struggling below $0.580 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.600.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.620 resistance against the US Dollar. The price traded below the $0.605 and $0.600 levels to move into a bearish zone.

The pair even traded below the $0.550 support. A low has formed near $0.5269 and the price is now consolidating losses. It is slowly moving higher above the 23.6% Fib retracement level of the downward move from the $0.6435 swing high to the $0.5269 low.

EOS is trading well below $0.600 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.5600 level. There is also a key bearish trend line forming with resistance near $0.5600 on the 4-hour chart of the EOS/USD pair.

The first major resistance is near the $0.585 level. The next resistance is near $0.600. It is close to the 61.8% Fib retracement level of the downward move from the $0.6435 swing high to the $0.5269 low.

A clear move above the $0.600 level could start a steady increase toward the $0.62 level. The next major resistance might be $0.635. Any more gains might send the price toward the $0.650 level.

On the downside, immediate support is near $0.540. The next key support is near the $0.5250 level. If there is a downside break below the $0.5250 support, the price could test the $0.500 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.600 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.585 and $0.600 resistance levels.

Technical indicators

4 hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $0.542 and $0.525.

Major Resistance Levels – $0.585 and $0.600.

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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