EOS price started a fresh decline from the $1.25 resistance against the US Dollar.
The price is now trading just above $1.18 and the 55 simple moving average (4-hours).
There is a major contracting triangle forming with resistance near $1.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it clears the $1.20 and $1.22 resistance levels.

EOS price is struggling below $1.25 against the US Dollar, similar to bitcoin. The price could start a fresh surge if it clears the $1.20 and $1.22 resistance levels.

EOS Price Analysis

This past week, EOS price started a fresh decline from the $1.25 zone against the US Dollar. The price traded below the $1.20 and $1.18 levels to enter a bearish zone.

The price broke the $1.16 support zone and the 55 simple moving average (4-hours). The recent low was formed near $1.15 and the price is now correcting higher. There was a minor increase above the $1.17 level. There was a move above the 23.6% Fib retracement level of the downward move from the $1.382 swing high to $1.1028 low.

The price is now now trading just above $1.18 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.200 level.

There is also a major contracting triangle forming with resistance near $1.200 on the 4-hours chart of the EOS/USD pair. The next major resistance is near $1.22, above which it could test $1.24. It near the 50% Fib retracement level of the downward move from the $1.382 swing high to $1.1028 low.

Any more gains might send the price towards the $1.30 level. On the downside, an immediate support is near the $1.170. The next key support is near the $1.150 level. If there is a downside break below the $1.150 support, the price could test the $1.10 support.

Looking at the chart, EOS price is now trading just above the $1.18 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $1.20 and $1.22 resistance levels.