HomeAltcoin NewsEOS Price Analysis: Bulls Facing Uphill Task Near $4.40

EOS Price Analysis: Bulls Facing Uphill Task Near $4.40

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  • EOS price extended its decline and traded below $3.80 against the US Dollar.
  • The price is now trading well below $4.00 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3.95 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a decent increase if it clears the $4.40 and $4.50 resistance levels.

EOS price is trading in a bearish zone below $4.00 against the US Dollar, similar to bitcoin. The price could recover if it manages to clear the $4.40 resistance.

EOS Price Analysis

This past week, EOS price saw a major decline from well above the $5.00 resistance zone against the US Dollar. The price declined below the $4.50 support level and the 55 simple moving average (4-hours).

There was also a break below the $4.20 and $4.00 support levels. Finally, there was a spike below the $3.80 level. The price traded as low as $3.63 before it started an upside correction. There was a recovery wave above the $3.80 and $3.90 levels.

An immediate resistance is near the $3.95 level. There is also a major bearish trend line forming with resistance near $3.95 on the 4-hours chart of the EOS/USD pair.

The first key resistance is near the $4.00 level and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the key decline from the $5.50 high to $3.63 low. A close above the $4.00 level could open the doors for a steady increase.

The main breakout zone could be near $4.40 and $4.50. To start a fresh increase, the price must settle above the $4.50 level. The next key resistance is near the $5.10 level.

On the downside, the first major support is near the $3.80 level. The main support is now forming near the $3.65 zone. If there is a downside break below the $3.65 support, there could be a move towards the $3.10 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $4.40 and $4.50 resistance levels.

Technical indicators

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

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

Major Support Levels – $3.80 and $3.65.

Major Resistance Levels – $4.00 and $4.40.

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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