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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 $1.135 resistance against the US Dollar.
  • The price is now trading below $1.10 and the 55 simple moving average (4-hours).
  • There was a break below a connecting bullish trend line with support near $1.062 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 $1.02 support zone.

EOS price is declining from $1.135 against the US Dollar, similar to bitcoin. The price could accelerate lower if there is a clear move below the $1.02 support.

EOS Price Analysis

This week, EOS price made another attempt to clear the $1.135 resistance zone against the US Dollar. The price failed to gain strength and started a downside correction.

The price declined below the $1.10 support to move into a short-term bearish zone. There was a break below a connecting bullish trend line with support near $1.062 on the 4-hours chart of the EOS/USD pair. The pair even moved below the 61.8% Fib retracement level of the upward move from the $1.013 swing low to $1.133 high.

It is now trading below $1.10 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.041. It is near the 76.4% Fib retracement level of the upward move from the $1.013 swing low to $1.133 high.

The next key support is near the $1.00. If there is a downside break below the $1.00 support, the price could revisit the $0.95 support.

On the upside, an immediate resistance is near the $1.075 level. The first major resistance is near the $1.12 level, above which the price could rise steadily. The main resistance is still near $1.135. A clear move above the $1.135 level might call for more upsides.

In the stated case, it could rise towards the $1.20 level. Any more gains might send the price towards the $1.22 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $1.02 support zone.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $1.04 and $1.020.

Major Resistance Levels – $1.075 and $1.12.

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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