HomeAltcoin NewsEOS Price Analysis: Rallies Remain Capped Near $2.40 and $2.50

EOS Price Analysis: Rallies Remain Capped Near $2.40 and $2.50

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  • EOS price declined heavily and broke the $2.600 and $2.400 support levels against the US Dollar.
  • The price is likely to face a strong selling interest near the $2.300 and $2.400 levels.
  • There is a major contracting triangle forming with resistance near $2.000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • There are many key supports on the downside, starting with $1.800 and $1.650.

EOS price is showing a few bearish signs below $2.500 against the US Dollar, similar to bitcoin. An upside correction towards $2.500 is likely to fail in the near term.

EOS Price Analysis

This past week, we saw a strong decline in EOS below the $3.000 support area against the US Dollar. The price many important supports near $2.500 and settled well below the 55 simple moving average (4-hours).

Finally, there was a break below the $2.000 support and the price traded to a new 2020 low at $1.446. The price is currently correcting higher and trading above the $1.800 pivot level. There was a break above the 23.6% Fib retracement level of the key drop from the $3.100 high to $1.446 low.

The price is now facing a couple of key hurdles near the $2.000 area. Moreover, there is a major contracting triangle forming with resistance near $2.000 on the 4-hours chart of the EOS/USD pair.

If there is an upside break above the triangle resistance, the price could rise towards the $2.300 resistance level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the key drop from the $3.100 high to $1.446 low is also near the $2.270 level to act as a hurdle.

The next major hurdles for the bulls are near the $2.400 and $2.500 levels. A clear break above the $2.500 level is needed to start a strong rise.

Conversely, there could be a downside break below the $1.950 and $1.900 levels. The main support is near the $1.800 level, below which there is a risk of more bearish moves. The next key support is seen near the $1.500 level.

EOS Price Analysis
EOS Price

Looking at the chart, EOS price is currently trading in a crucial range below the $2.200 and $2.300 resistance levels. A clear break below the $1.800 support could set the pace for a push towards $1.500.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly moving into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently recovering towards the 50 level.

Major Support Levels – $1.800 and $1.500.

Major Resistance Levels – $2.300 and $2.500.

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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