HomeAltcoin NewsEOS Price Analysis: Key Support Intact At $0.55

EOS Price Analysis: Key Support Intact At $0.55

-

  • EOS price started a downside correction from the $0.588 zone against the US Dollar.
  • The price is now trading below $0.575 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.580 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $0.575 and $0.588 resistance levels.

EOS price is declining below $0.575 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.550.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.55 resistance zone against the US Dollar. The price surpassed the $0.565 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.5889 before the price started a downside correction. The price declined below the $0.575 support zone. There was a drop below the 50% Fib retracement level of the upward move from the $0.5269 swing low to the $0.5889 high.

Besides, there was a break below a key bullish trend line with support near $0.580 on the 4-hour chart of the EOS/USD pair. However, the bulls were active near the $0.550 support.

The price is also stable above the 61.8% Fib retracement level of the upward move from the $0.5269 swing low to the $0.5889 high. The pair is now trading below $0.575 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.550 level.

The next key support is near the $0.527 level. If there is a downside break below the $0.527 support, the price could revisit the $0.50 support.

On the upside, immediate resistance is near the $0.575 level. The first major resistance is near the $0.588 level, above which the price could rise steadily toward the $0.60 level. Any more gains might send the price toward the $0.625 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.575 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.575 and $0.588 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.550 and $0.527.

Major Resistance Levels – $0.575 and $0.588.

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