HomeAltcoin NewsEOS Price Analysis: Key Support Nearby At $4.10

EOS Price Analysis: Key Support Nearby At $4.10

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • 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.

EOS Price
EOS Price

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.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img