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HomeAltcoin NewsEOS Price Analysis: Key Support Intact Near But Bearish Signs Emerge

EOS Price Analysis: Key Support Intact Near But Bearish Signs Emerge

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  • EOS price started a downside correction from the $0.930 resistance against the US Dollar.
  • The price is now trading near $0.875 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.9020 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 $0.90 and $0.92 resistance levels.

EOS price is declining from $0.930 against the US Dollar, similar to Bitcoin. The price could accelerate lower if there is a clear move below the $0.875 support.

EOS Price Analysis

This week, EOS price climbed further higher above the $0.86 resistance zone against the US Dollar. The price surpassed the $0.875 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.930 before the price started a downside correction. The price declined below the $0.90 support to move into a short-term bearish zone. Besides, there was a break below a key bullish trend line with support near $0.902 on the 4-hour chart of the EOS/USD pair.

The pair even tested the 50% Fib retracement level of the upward move from the $0.8170 swing low to the $0.9300 high. It is now trading near $0.875 and the 55 simple moving average (4 hours).

On the downside, immediate support is near the $0.875 level. The next key support is near the $0.86 level. It is near the 61.8% Fib retracement level of the upward move from the $0.8170 swing low to the $0.9300 high. If there is a downside break below the $0.86 support, the price could revisit the $0.82 support.

On the upside, immediate resistance is near the $0.90 level. The first major resistance is near the $0.93 level, above which the price could rise steadily.

The main resistance is still near $0.976. A clear move above the $0.976 level might call for more upsides. In the stated case, it could rise toward the $1.00 level. Any more gains might send the price toward the $1.05 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading near the $0.875 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.90 and $0.92 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 – $0.875 and $0.860.

Major Resistance Levels – $0.90 and $0.93.

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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