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.
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.
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.
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