HomeAltcoin NewsEOS Price Analysis: Risk of Downside Break Emerges

EOS Price Analysis: Risk of Downside Break Emerges

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  • EOS price started a downside correction from the $1.315 resistance against the US Dollar.
  • The price is now trading above $1.18 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $1.24 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it fails to stay above the $1.145 support zone.

EOS price is declining from $1.315 against the US Dollar, similar to bitcoin. The price could accelerate lower if there is a clear move below the $1.145 support.

EOS Price Analysis

This past week, EOS price climbed further higher above the $1.25 resistance zone against the US Dollar. The price surpassed the $1.30 level and settled above the 55 simple moving average (4-hours).

A new yearly high was formed near $1.3136 before the price started a downside correction. The price declined below the $1.265 support to move into a short-term bearish zone. The pair even tested the 50% Fib retracement level of the upward move from the $1.038 swing low to $1.313 high.

It is now trading above $1.18 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.175.

The next key support is near the $1.145. It is near the 61.8% Fib retracement level of the upward move from the $1.038 swing low to $1.313 high. If there is a downside break below the $1.145 support, the price could revisit the $1.055 support.

On the upside, an immediate resistance is near the $1.240 level. There is also a key declining channel forming with resistance near $1.24 on the 4-hours chart of the EOS/USD pair.

The first major resistance is near the $1.25 level, above which the price could rise steadily. The main resistance is still near $1.315. A clear move above the $1.315 level might call for more upsides. In the stated case, it could rise towards the $1.35 level. Any more gains might send the price towards the $1.385 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $1.18 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $1.145 support zone.

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 – $1.175 and $1.145.

Major Resistance Levels – $1.25 and $1.315.

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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