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HomeAltcoin NewsEOS Price Analysis: Key Uptrend Support Intact at $0.70

EOS Price Analysis: Key Uptrend Support Intact at $0.70

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  • EOS price started a downside correction below the $0.765 zone against the US Dollar.
  • The price is now trading below $0.745 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.714 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 $0.745 and $0.768 resistance levels.

EOS price is declining below $0.768 against the US Dollar, unlike Bitcoin. The price could attempt a fresh increase unless there is a break below $0.70.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.75 resistance zone against the US Dollar. The price surpassed the $0.80 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.8070 before the price started a downside correction. The price declined below the $0.768 support zone. There was a drop below the 50% Fib retracement level of the key increase from the $0.6410 swing low to the $0.8070 high.

However, the bulls were active near the $0.70 support. The price is also stable above the 61.8% Fib retracement level of the key increase from the $0.6410 swing low to the $0.8070 high.

More importantly, there is a major bullish trend line forming with support near $0.714 on the 4-hour chart of the EOS/USD pair. The pair is now trading below $0.768 and the 55 simple moving average (4 hours).

On the downside, immediate support is near the $0.714 level and the trend line. The next key support is near the $0.70 level. If there is a downside break below the $0.70 support, the price could revisit the $0.64 support. On the upside, immediate resistance is near the $0.745 level. The first major resistance is near the $0.768 level, above which the price could rise steadily toward the $0.80 level. Any more gains might send the price toward the $0.848 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.745 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.745 and $0.768 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 – $0.714 and $0.700.

Major Resistance Levels – $0.745 and $0.768.

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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