HomeAltcoin NewsEOS Price Analysis: Risk of Downside Thrust Toward $0.50 Still Exist

EOS Price Analysis: Risk of Downside Thrust Toward $0.50 Still Exist

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  • EOS price remained in a bearish zone and declined below the $0.550 zone against the US Dollar.
  • The price is now trading below $0.545 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.5475 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $0.525 and $0.520 resistance levels.

EOS price is struggling below $0.540 against the US Dollar, like Bitcoin. The price might attempt to recover if there is a clear move above $0.542.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.575 resistance against the US Dollar. The price traded below the $0.565 and $0.550 levels to move into a bearish zone.

The pair even traded below the $0.532 support. There was a break below a key bullish trend line with support near $0.5475 on the 4-hour chart of the EOS/USD pair. A low has formed near $0.5244 and the price is now consolidating losses.

If there is a recovery wave, the price might struggle near the $0.535 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.5745 swing high to the $0.5244 low.

EOS is trading well below $0.545 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.5420 level. The first major resistance is near the $0.550 level. It is near the 50% Fib retracement level of the downward move from the $0.5745 swing high to the $0.5244 low.

The next resistance is near $0.575. A clear move above the $0.575 level could start a steady increase toward the $0.600 level. Any more gains might send the price toward the $0.620 level.

On the downside, immediate support is near $0.525. The next key support is near the $0.5120 level. If there is a downside break below the $0.500 support, the price could test the $0.4850 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.535 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.5420 and $0.550 resistance levels.

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 – $0.525 and $0.500.

Major Resistance Levels – $0.550 and $0.575.

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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