HomeAltcoin NewsEOS Price Analysis: Make-or-Break Setup With Resistance At $7

EOS Price Analysis: Make-or-Break Setup With Resistance At $7

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  • EOS declined heavily below $10.00 and $8.00 support levels against the US Dollar.
  • The price is currently trading near the $6.50 zone and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $6.50 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair must break $6.50 and $7.00 to start a strong increase in the near term.

EOS price is correcting losses from $4.00 against the US Dollar, similar to bitcoin. The price must clear $7.00 to move into a positive zone.

EOS Price Analysis

After a clear break below the $10.00 support, EOS price started a strong decline against the US Dollar. The bears pushed the price below the $8.00 and $7.00 support levels.

There was also a close below $7.00 and the 55 simple moving average (4-hours). It even broke the $5.00 support and traded as low as $3.615. Recently, there was an upside correction above the $5.00 and $6.00 levels.

The price climbed above the 23.6% Fib retracement level of the recent decline from the $11.98 swing high to $3.615 low. It is now trading near the $6.50 zone and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $6.50 on the 4-hours chart of the EOS/USD pair.

If there is an upside break above the trend line, the price could surpass the $7.00 resistance. The next major resistance is near the $7.80 level. It is near the 50% Fib retracement level of the recent decline from the $11.98 swing high to $3.615 low.

Any more gains could lead the price towards the $8.80 level. On the downside, an initial support is near the $6.00 level. The next major support is near the $5.00 level. Any more losses might call for a test of the $4.00 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is testing key hurdles and the 55 simple moving average (4-hours). Overall, the price must break $6.50 and $7.00 to start a strong increase in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $5.00 and $4.00.

Major Resistance Levels – $7.00 and $8.80.

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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