HomeAltcoin NewsEOS Price Analysis: Risk of Drop To $0.60

EOS Price Analysis: Risk of Drop To $0.60

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  • EOS price started a fresh decline from the $0.730 zone against the US Dollar.
  • The price is now trading below $0.70 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.6720 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 $0.672 and $0.700 resistance levels.

EOS price is struggling below $0.700 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.672.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.730 resistance against the US Dollar. The price traded below the $0.72 and $0.70 levels to move into a bearish zone.

The pair even spiked below the $0.650 support. A low is formed near $0.6140 and the price is now consolidating losses. EOS is trading well below $0.700 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.642 level.

The 23.6% Fib retracement level of the downward move from the $0.7302 swing high to the $0.6140 low is also near $0.642. The first major resistance is near the $0.672 level.

There is also a key bearish trend line forming with resistance near $0.6720 on the 4-hour chart of the EOS/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $0.7302 swing high to the $0.6140 low.

A clear move above the $0.672 level could start a steady increase toward the $0.70 level. The next major resistance might be $0.732. Any more gains might send the price toward the $0.78 level.

On the downside, immediate support is near $0.625. The next key support is near the $0.615 level. If there is a downside break below the $0.615 support, the price could test the $0.60 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.700 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.672 and $0.700 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 – $0.625 and $0.615.

Major Resistance Levels – $0.672 and $0.700.

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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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