HomeAltcoin NewsEOS Price Analysis: Risk of Downside Break Below $0.55

EOS Price Analysis: Risk of Downside Break Below $0.55

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  • EOS price started a downside correction from the $0.620 zone against the US Dollar.
  • The price is now trading below $0.600 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.572 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 $0.586 and $0.600 resistance levels.

EOS price is declining below $0.600 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.565.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.588 resistance zone against the US Dollar. The price surpassed the $0.600 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.6212 before the price started a downside correction. The price declined below the $0.588 support zone. There was a drop below the 50% Fib retracement level of the upward move from the $0.5514 swing low to the $0.6212 high.

However, the bulls were active near the $0.565 support. The price is also stable above the 76.4% Fib retracement level of the upward move from the $0.5514 swing low to the $0.6212 high.

Besides, there is a key bullish trend line forming with support near $0.572 on the 4-hour chart of the EOS/USD pair. It is now trading below $0.585 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.572 level.

The next key support is near the $0.565 level. If there is a downside break below the $0.565 support, the price could revisit the $0.550 support.

On the upside, immediate resistance is near the $0.585 level. The first major resistance is near the $0.600 level, above which the price could rise steadily toward the $0.62 level. Any more gains might send the price toward the $0.65 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.585 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.585 and $0.600 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 – $0.572 and $0.565.

Major Resistance Levels – $0.585 and $0.600.

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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