EOS price started a major decline from the $3.00 resistance zone against the US Dollar.
The price is now trading below $2.60 and the 55 simple moving average (4-hours).
There was a break below a major bullish trend line with support near $2.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could resume decline if it stays below the $2.60 resistance zone.
EOS price is showing bearish signs below $2.60 against the US Dollar, similar to bitcoin. The price could continue to move down if there is a break below $2.40.
EOS Price Analysis
This week, EOS price started a major decline from well above the $3.00 level against the US Dollar. The price declined below the $2.90 and $2.80 levels to enter a bearish zone.
There was a break below a major bullish trend line with support near $2.80 on the 4-hours chart of the EOS/USD pair. The pair settled below the $2.60 support and the 55 simple moving average (4-hours). A low is formed near $2.39 and the price is now consolidating losses.
An immediate resistance is seen near the $2.50 level. It is near the 23.6% Fib retracement level of the recent decline from the $2.950 swing high to $2.39 low.
The next major resistance is near the $2.60 level. The key hurdle is now near the $2.68 level. It is close to the 50% Fib retracement level of the recent decline from the $2.950 swing high to $2.39 low. A clear upside break above the $2.68 resistance could start a steady increase.
The next major stop for the bulls may perhaps be near the $2.80 level. On the downside, the first major support is near the $2.40 level. The next support is now forming near the $2.30 zone. If there is a downside break below $2.30, the price might drop to $2.20. Any more losses might call for a move towards the $2.05 level in the near term.
Looking at the chart, EOS price is now trading below the $2.60 level and the 55 simple moving average (4-hours). Overall, the price could resume decline if it stays below the $2.60 resistance zone.
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.
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