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HomeAltcoin NewsEOS Price Analysis: Bears In Control Below $0.80

EOS Price Analysis: Bears In Control Below $0.80

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  • EOS price started a fresh decline from the $0.77 level against the US Dollar.
  • The price is now trading below $0.720 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.718 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 $0.720 and $0.750 resistance levels.

EOS price is struggling below $0.75 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.720.

EOS Price Analysis

In the past few days, EOS price saw a major decline from the $0.900 resistance against the US Dollar. The price traded below the $0.85 and $0.80 levels to move into a bearish zone.

Recently, there was a minor correction from the $0.600 zone. However, upsides were limited above the $0.770 level. A high is formed near $0.7731 and the price is again moving lower. There was a move below the $0.720 support.

It traded below the 50% Fib retracement level of the upward move from the $0.6030 swing low to the $0.7731 high. Besides, there was a break below a key bullish trend line with support near $0.718 on the 4-hour chart of the EOS/USD pair.

EOS is trading well below $0.75 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.720 level.

The first major resistance is near the $0.75 level. A clear move above the $0.75 level could start a steady increase toward the $0.78 level. The next major resistance might be $0.80. Any more gains might send the price toward the $0.850 level.

On the downside, immediate support is near $0.642. The next key support is near the $0.620 level. If there is a downside break below the $0.620 support, the price could test the $0.603 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.75 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.720 and $0.750 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.642 and $0.620.

Major Resistance Levels – $0.720 and $0.750.

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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