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HomeAltcoin NewsEOS Price Analysis: Break Above $3 Is The Key

EOS Price Analysis: Break Above $3 Is The Key

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  • EOS price started a fresh decline from the $3.00 zone against the US Dollar.
  • The price is now trading below $2.80 and the 55 simple moving average (4-hours).
  • There is a key bearish trend lien forming with resistance near $2.82 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend decline if there is a clear break below the $2.70 support zone.

EOS price is showing bearish signs below $2.80 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $3.00.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.00 resistance zone against the US Dollar. The price traded below the $2.85 level and the 55 simple moving average (4-hours).

The price traded below the $2.75 level to move into a bearish zone. It is now trading below $2.80 and the 55 simple moving average (4-hours). There was a clear move below the 50% Fib retracement level of the upward move from the $2.57 swing low to $2.960 high.

It is now consolidating near the $2.70 level. The 61.8% Fib retracement level of the upward move from the $2.57 swing low to $2.960 high is also near the $2.70 level.

On the downside, the first major support is near the $2.70 level. The next support is now forming near the $2.65 zone, below which there is a risk of a sharp move towards the $2.50 support. Any more losses might call for a move towards the $2.30 level in the near term.

An initial resistance on the upside is near the $2.80 level. There is also a key bearish trend lien forming with resistance near $2.82 on the 4-hours chart of the EOS/USD pair.

A clear move above the $2.82 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.00, above which the price could move into a bullish zone.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $2.80 and the 55 simple moving average (4-hours). Overall, the price could extend decline if there is a clear break below the $2.70 support zone.

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 – $2.70 and $2.65.

Major Resistance Levels – $2.82 and $3.00.

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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