HomeAltcoin NewsEOS Price Analysis: Downtrend Could Resume Below $2.2

EOS Price Analysis: Downtrend Could Resume Below $2.2

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  • EOS price is struggling to clear the $2.45 resistance zone against the US Dollar.
  • The price is now trading below $2.30 and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $2.20 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend decline if there is a clear break below the $2.20 support zone.

EOS price is showing bearish signs below $2.40 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $2.45.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $2.60 resistance zone against the US Dollar. There was also a close below the $2.50 level and the 55 simple moving average (4-hours).

A low was formed near $1.990 and the price recently saw a decent recovery wave. The bulls were able to push the price above the $2.05 and $2.10 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.86 swing high to $1.99 low.

There was a spike above the $2.40 level. However, the bears defended the $2.45 and $2.50 resistance levels. It is now moving lower and trading below the $2.30 level.

On the downside, the first major support is near the $2.20 level. There is also a key rising channel forming with support near $2.20 on the 4-hours chart of the EOS/USD pair. The next support is now forming near the $2.150 zone, below which there is a risk of a sharp move towards the $2.00 support.

Any more losses might call for a move towards the $1.82 level in the near term. An initial resistance on the upside is near the $2.32 level. The main resistance is still near the $2.45 level.

It is near the 50% Fib retracement level of the downward move from the $2.86 swing high to $1.99 low. A clear move above the $2.45 level is needed to gain bullish momentum in the near term. The next major resistance is near $2.60, above which the price could rise to $2.85.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $2.30 and the 55 simple moving average (4-hours). Overall, the price could extend decline if there is a clear break below the $2.20 support zone.

Technical indicators

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

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

Major Support Levels – $2.20 and $2.00.

Major Resistance Levels – $2.32 and $2.45.

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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