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.
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.
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.
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