HomeAltcoin NewsEOS Price Analysis: Risk of Downside Break Below $0.75

EOS Price Analysis: Risk of Downside Break Below $0.75

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  • EOS price started a downside correction from the $0.810 zone against the US Dollar.
  • The price is now trading below $0.7650 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with support near $0.752 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 $0.780 and $0.800 resistance levels.

EOS price is declining below $0.780 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.740.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.740 resistance zone against the US Dollar. The price surpassed the $0.780 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.8105 before the price started a downside correction. The price declined below the $0.780 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.6684 swing low to the $0.8105 high.

However, the bulls were active near the $0.740support. The price is also stable above the 50% Fib retracement level of the upward move from the $0.6684 swing low to the $0.8105 high.

Besides, there is a key contracting triangle forming with support near $0.752 on the 4-hour chart of the EOS/USD pair. It is now trading below $0.7650 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.750 level.

The next key support is near the $0.740 level. If there is a downside break below the $0.740 support, the price could revisit the $0.700 support.

On the upside, immediate resistance is near the $0.780 level. The first major resistance is near the $0.800 level, above which the price could rise steadily toward the $0.832 level. Any more gains might send the price toward the $0.850 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.780 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.780 and $0.800 resistance levels.

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 below the 50 level.

Major Support Levels – $0.740 and $0.700.

Major Resistance Levels – $0.780 and $0.800.

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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