HomeAltcoin NewsEOS Price Analysis: Bulls Facing Uphill Task

EOS Price Analysis: Bulls Facing Uphill Task

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  • EOS price is struggling to continue above the $2.750 and $2.820 resistances against the US Dollar.
  • There is a decent support forming near the $2.500 and $2.535 support levels.
  • There are two major bearish trend lines in place with resistance near $2.750 and $2.820 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could only start a strong upward move once it settles above the $2.850 level.

EOS price is facing a lot of hurdles for a bullish wave against the US Dollar and bitcoin. The price could decline in the short term towards the $2.500 support area.

EOS Price Analysis

This week, there were swing moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price started a strong recovery from the $2.341 low and traded above the $3.500 resistance area.

The upward move was strong as there was a break above the $2.600 resistance area. Moreover, there was a close above the $2.600 level and the 55 simple moving average (4-hours).

The last swing high was near $2.855 before the price started a downside correction. It traded below the $2.650 level. Besides, the price broke the 23.6% Fib retracement level of the upward move from the $3.341 low to $2.855 high.

On the downside, there are many supports near $2.550, $2.520 and $2.500. The 50% Fib retracement level of the upward move from the $3.341 low to $2.855 high might also provide support.

If there is a downside break below the $2.500 support, the price could continue to decline in the near term. The next key support is near the $2.400 level, below which it could revisit the $2.350 support area.

On the upside, there are many important resistances near $2.750. Additionally, there are two major bearish trend lines in place with resistance near $2.750 and $2.820 on the 4-hours chart of the EOS/USD pair.

The second bearish trend line near $2.820 is very important along with $2.850. Therefore, a successful close above $2.850 could set the pace for more upsides in the coming sessions. The next major hurdle is near the $3.000 and $3.050 levels.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading a few key resistances such as $3.750 and $3.850. If it continues to struggle, there is a risk of a downside reaction towards the $2.500 and $2.400 support levels in the near term.

Technical indicators

Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently moving just below the 50 level.

Major Support Levels – $2.500 and $2.350.

Major Resistance Levels – $2.750 and $2.820.

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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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