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HomeAltcoin NewsEOS Price Analysis: Risk of Breakdown Below $4

EOS Price Analysis: Risk of Breakdown Below $4

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  • EOS price started a fresh decline from the $5.00 resistance against the US Dollar.
  • The price is now trading below $4.40 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $4.30 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a major increase if there is a clear break above the $4.30 resistance.

EOS price is showing bearish signs below $4.30 against the US Dollar, similar to bitcoin. The price could decline further if there is a clear break below $4.00.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $4.50 resistance zone against the US Dollar. The price even traded below the $4.30 level and the 55 simple moving average (4-hours).

There was also a push below the $4.20 support. The price even spiked below $4.00 and traded as low as $3.94. It is now consolidating losses above the $4.00 level. An immediate resistance is near the $4.20 level. It is close to the 23.6% Fib retracement level of the downward move from the $5.09 swing high to $3.94 low.

The first key resistance is near the $4.25 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $4.30 on the 4-hours chart of the EOS/USD pair.

A close above the $4.25 level could open the doors for a steady increase. In the stated case, the price could rise towards the $4.40 level. The next key resistance is near the $4.50 level. It is close to the 50% Fib retracement level of the downward move from the $5.09 swing high to $3.94 low.

On the downside, the first major support is near the $4.05 level. The main support is now forming near the $4.00 zone. If there is a downside break below the $4.00 support, there could be a move towards the $3.60 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $4.40 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $4.30 resistance.

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 near the 50 level.

Major Support Levels – $4.05 and $4.00.

Major Resistance Levels – $4.25 and $4.40.

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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