HomeAltcoin NewsEOS Price Analysis: Downtrend Intact Below $0.80

EOS Price Analysis: Downtrend Intact Below $0.80

-

- Ad -
  • EOS price started a fresh decline below the $0.80 level against the US Dollar.
  • The price is now trading below $0.750 and the 55 simple moving average (4 hours).
  • There is a short-term bearish trend line forming with resistance near $0.675 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $0.675 and $0.750 resistance levels.

EOS price is struggling below $0.80 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.675.

EOS Price Analysis

In the past few days, EOS price saw a major decline from the $0.900 resistance against the US Dollar. The price traded below the $0.85 and $0.80 levels to move into a bearish zone.

The decline gained pace below the $0.750 level. It even spiked below $0.700. A low is formed near $0.6048 and the price is now consolidating losses. EOS is trading well below $0.80 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.675 level. There is also a short-term bearish trend line forming with resistance near $0.675 on the 4-hour chart of the EOS/USD pair. It is near the 23.6% Fib retracement level of the downward move from the $0.9040 swing high to the $0.6048 low.

The first major resistance is near the $0.75 level or the 50% Fib retracement level of the downward move from the $0.9040 swing high to the $0.6048 low.

A clear move above the $0.75 level could start a steady increase toward the $0.78 level. The next major resistance might be $0.80. Any more gains might send the price toward the $0.850 level. On the downside, immediate support is near $0.620.

The next key support is near the $0.600 level. If there is a downside break below the $0.600 support, the price could test the $0.550 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.80 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.675 and $0.750 resistance levels.

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 – $0.620 and $0.600.

Major Resistance Levels – $0.675 and $0.750.

- Ad -
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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular