EOS Price Analysis: Bulls Face Key Resistance Near $1.0

Session snapshot for 14 July 2022. This is a dated market note, not a reprint of earlier analyses that used the same headline.

• EOS price is facing resistance near $0.98 and $1.00 against the US Dollar.
• The price is now trading below $1.00 and the 55 simple moving average (4-hours).
• There was a break below a key bullish trend line with support near $1.00 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move up if it stays above the $0.90 and $0.88 support levels.

EOS price is struggling below $1.00 against the US Dollar, similar to bitcoin. The price must stay above the $0.88 support zone to start a decent increase.

EOS Price Analysis

This past week, EOS price started a fresh decline from the $1.07 resistance zone against the US Dollar. The price declined below the $1.00 support zone.

Besides, there was a break below a key bullish trend line with support near $1.00 on the 4-hours chart of the EOS/USD pair. However, the bulls were active near the $0.880 zone. A low was formed near $0.880 and the price started a recovery wave.

The price climbed higher above the $0.90 and $0.92 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $1.070 swing high to $0.880 low.

It is now trading below $1.00 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.98 level. It is close to the 50% Fib retracement level of the downward move from the $1.070 swing high to $0.880 low.

The first major resistance is near the $1.04 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.12 level.

On the downside, an immediate support is near the $0.92 level. The next key support is near the $0.88 level. If there is a downside break below the $0.88 support, the price could revisit the $0.82 support zone.

Looking at the chart, EOS price is now trading below the $1.00 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.92 and $0.88 support levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.

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

Major Support Levels – $0.920 and $0.880.

Major Resistance Levels – $0.980 and $1.00.