- 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.
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.
