- EOS price started a downside correction from the $5.50 resistance against the US Dollar.
- The price is now trading below $4.50 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $4.75 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could move down further if there is a downside break below the $4.10 support.
EOS price is showing bearish signs below $4.50 against the US Dollar, similar to bitcoin. The price could decline further if there is a clear break below $4.10.
EOS Price Analysis
This past week, EOS price started a steady increase above the $4.60 resistance zone against the US Dollar. The price even climbed above the $5.00 zone and the 55 simple moving average (4-hours).
However, the price failed to clear the $5.35 resistance zone. The recent swing high was formed near $5.10 before there was a sharp decline. The price declined heavily below the $5.00 and $4.80 levels. There was also a push below the $4.50 support and the 55 simple moving average (4-hours).
The price even spiked below $4.20 and traded as low as $4.07. It is now consolidating losses above the $4.10 level. There was a break above the 23.6% Fib retracement level of the downward move from the $5.09 swing high to $4.07 low.
An immediate resistance is near the $4.50 level. The first key resistance is near the $5.60 level. It is near the 50% Fib retracement level of the downward move from the $5.09 swing high to $4.07 low.
There is also a key bearish trend line forming with resistance near $4.75 on the 4-hours chart of the EOS/USD pair. A close above the $4.75 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.00 level. The next key resistance is near the $5.35 level.
On the downside, the first major support is near the $4.20 level. The main support is now forming near the $4.10 zone. If there is a downside break below the $4.10 support, there could be a move towards the $3.50 support.
Looking at the chart, EOS price is now trading below $4.50 and the 55 simple moving average (4-hours). Overall, the price could move down further if there is a downside break below the $4.10 support.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $4.20 and $4.10.
Major Resistance Levels – $4.50 and $4.75.
