HomeAltcoin NewsEOS Price Analysis: Key Support Nearby, Can Bulls Make It?

EOS Price Analysis: Key Support Nearby, Can Bulls Make It?

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  • EOS failed to clear the $3.000 resistance and declined below $2.800 against the US Dollar.
  • The price is currently trading well below $2.800 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the $2.650 and $2.800 resistance levels.

EOS price is trading above a major support near $2.400 against the US Dollar, while bitcoin is correcting lower. The price could surge if it manages to surpass $2.800.

EOS Price Analysis

After a failed attempt to gain bullish momentum, EOS price started a fresh decline from $2.800 against the US Dollar. A high was formed near $2.790 and the price traded below the $2.650 support zone.

There was a break below the $2.600 support and the price settled well below the 55 simple moving average (4-hours). It traded as low as $2.453 and the bulls seem to be protecting the main $2.400 support zone.

The price is currently consolidating losses and trading above $2.450. An initial resistance on the upside is near the $2.600 level. The 50% Fib retracement level of the recent decline from the $2.790 swing high to $2.453 low is also near $2.620 to protect upsides.

There is also a key declining channel forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $2.790 swing high to $2.453 low.

Therefore, the price must clear the $2.620 resistance and the channel resistance to start a steady increase. The next major resistance is near the $2.800 level, above which the price could surge towards the $3.000 and $3.150 levels.

Conversely, the price might find bids near the $2.450 and $2.400 levels. The next major support is near the $2.350 level, below which the price could test the $2.200 zone.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading well below $2.800 and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.650 and $2.800 resistance levels.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is correcting higher towards the 40 level.

Major Support Levels – $2.400 and $2.350.

Major Resistance Levels – $2.650 and $2.800.

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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