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HomeAltcoin NewsEOS Price Analysis: Can Bulls Overcome The $2.60 Hurdle?

EOS Price Analysis: Can Bulls Overcome The $2.60 Hurdle?

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  • EOS price started a sharp decline after it failed to stay above $3.00 against the US Dollar.
  • The price broke the key $2.600 support and traded as low as $2.169
  • There is a major bearish trend line forming with resistance near $2.600 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair must climb above the $2.600 resistance zone to move into a positive zone.

EOS price is currently correcting higher above $2.400 against the US Dollar, while bitcoin is rising. The price must surpass the $2.600 barrier to avoid a fresh decrease in the near term.

EOS Price Analysis

This past week, EOS price saw a sharp bearish reaction from the $2.850 resistance against the US Dollar. The price broke a few important supports near the $2.600 zone to move into a short term bearish zone.

The decline was such that the price even spiked below the $2.350 support and settled below the 55 simple moving average (4-hours). It traded to a new monthly low at $2.169 and it is currently correcting higher.

There was a break above the $2.350 and $2.400 levels. Besides, EOS climbed above the 50% Fib retracement level of the key decline from the $2.841 high to $2.169 low. It seems like the price is currently consolidating near the $2.500 and $2.550 levels.

On the upside, a crucial resistance is forming near the $2.600 level and the 55 simple moving average (4-hours). More importantly, there is a major bearish trend line forming with resistance near $2.600 on the 4-hours chart of the EOS/USD pair.

The trend line is close to the 61.8% Fib retracement level of the key decline from the $2.841 high to $2.169 low. Therefore, the bulls need to clear the $2.600 resistance zone to start a strong increase. The next major resistance is near the $2.850, above which the price could aim $3.000 and $3.200.

Conversely, there might be no upside break above $2.600 and the price could resume its decline. The main supports on the downside are near $2.350 and $2.200. Any further losses might push the $2.00 support zone at risk in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly approaching a major hurdle near the $2.600 level. If there is an upside break, there could be a trend change and the price might rally to $3.000.

Technical indicators

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

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

Major Support Levels – $2.350 and $2.200.

Major Resistance Levels – $2.600 and $2.850.

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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