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HomeAltcoin NewsEOS Price Analysis: Bulls Face Uphill Task Near $1.05

EOS Price Analysis: Bulls Face Uphill Task Near $1.05

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  • EOS price is facing resistance near $1.05 and $1.10 against the US Dollar.
  • The price is now trading below $1.10 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend its decline if it stays below the $1.10 resistance zone in the near term.

EOS price is struggling below $1.20 against the US Dollar, similar to bitcoin. The price must stay above the $0.90 support zone to avoid more losses.

EOS Price Analysis

This week, EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar. The price traded below the $1.10 support zone to move into a bearish zone.

There was a move below the $1.05 level and the 55 simple moving average (4-hours). It even declined below the $1.00 level before the bulls appeared near $0.90. A low is formed near $0.85 and the price is now correcting higher.

There was a break above the $0.90 and $0.95 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.340 swing high to $0.850 low.

However, the bears defended the $1.02 resistance. There is also a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair. The first major resistance is near the $1.05 level. The next major resistance sits near the $1.10 level.

The 50% Fib retracement level of the downward move from the $1.340 swing high to $0.850 low is also near $1.10 and the 55 simple moving average (4-hours).

To start a fresh increase, the price must clear $1.05 and $1.10. On the downside, an immediate support is near the $0.965 level. The next key support is near the $0.90 level. If there is a downside break below the $0.90 support, the price could continue to move down towards the $0.85 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline if it stays below the $1.10 resistance zone in the near term.

Technical indicators

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

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

Major Support Levels – $0.965 and $0.900.

Major Resistance Levels – $1.05 and $1.10.

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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