HomeAltcoin NewsEOS Price Analysis: Bulls Face Key Hurdle at $0.78

EOS Price Analysis: Bulls Face Key Hurdle at $0.78

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  • EOS price started a fresh decline after it failed to stay above $0.880 against the US Dollar.
  • The price is now trading below $0.800 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.7620 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 $0.7620 and $0.7800 resistance levels.

EOS price is struggling below $0.800 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.780.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.888 resistance against the US Dollar. The price traded below the $0.820 and $0.800 levels to move into a bearish zone.

The pair even traded below the $0.750 support. A low has formed near $0.6684, and the price is now consolidating losses. There was a minor increase above the $0.720 resistance zone. It recovered above the 23.6% Fib retracement level of the downward move from the $0.8955 swing high to the $0.6684 low.

EOS is now trading below $0.800 and the 55 simple moving average (4 hours). It is facing resistance near the $0.7620 zone. There is also a key bearish trend line forming with resistance near $0.7620 on the 4-hour chart of the EOS/USD pair.

If there is a recovery wave, the price might struggle near the $0.780 zone. It is near the 50% Fib retracement level of the downward move from the $0.8955 swing high to the $0.6684 low.

The next resistance is near $0.8420. A clear move above the $0.8420 level could start a steady increase toward the $0.888 level. Any more gains might send the price toward the $0.925 level.

On the downside, immediate support is near $0.742. The next key support is near the $0.706 level. If there is a downside break below the $0.706 support, the price could test the $0.6650 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.800 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.762 and $0.780 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.742 and $0.706.

Major Resistance Levels – $0.762 and $0.780.

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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