HomeAltcoin NewsEOS Price Analysis: Risk of More Losses Below $0.65 Escalates

EOS Price Analysis: Risk of More Losses Below $0.65 Escalates

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  • EOS price started a fresh decline after it failed to clear $0.735 against the US Dollar.
  • The price is now trading below $0.720 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.710 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 $0.7000 and $0.7200 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 $0.720.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.7850 resistance against the US Dollar. The price traded below the $0.750 and $0.720 levels to move into a bearish zone.

The pair even traded below the $0.650 support. A low has formed near $0.6427, and the price recently attempted a recovery wave. However, the bears were active near $0.7345, and the price started a fresh decline. There was a drop below the $0.720 support.

The price even spiked below the 50% Fib retracement level of the upward move from the $0.6427 swing low to the $0.7344 high. EOS is now trading below $0.700 and the 55 simple moving average (4 hours).

It is facing resistance near the $0.700 zone. The next resistance is near the $0.720 zone. There is also a major bearish trend line forming with resistance near $0.710 on the 4-hour chart of the EOS/USD pair. If there is a recovery wave, the price might struggle near the $0.720 zone. The next resistance is near $0.7350.

A clear move above the $0.7350 level could start a steady increase toward the $0.7650 level. Any more gains might send the price toward the $0.7800 level.

On the downside, immediate support is near $0.680. The next key support is near the $0.6425 level. If there is a downside break below the $0.6425 support, the price could test the $0.6250 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 $0.700 and $0.720 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 – $0.6800 and $0.6425.

Major Resistance Levels – $0.700 and $0.720.

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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