- EOS price started a fresh decline below the $1.10 support against the US Dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $1.05 and $1.10 resistance levels.
EOS price is struggling below $1.10 against the US Dollar, similar to bitcoin. The price remains at a risk of a sharp decline below the $1.00 support.
EOS Price Analysis
This past week, EOS price started a fresh decline below the $1.10 zone against the US Dollar. The price traded below the $1.05 and $1.00 levels to enter a bearish zone.
The pair accelerated lower below the $1.00 support zone and settled well below the 55 simple moving average (4-hours). The recent low was formed near $0.9411 before the price started an upside correction. There was a move above the $1.00 resistance zone.
The price climbed above the 23.6% Fib retracement level of the downward move from the $1.235 swing high to $0.9411 low. However, the price faced sellers near $1.08 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $1.050 level. There is also a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair. The next major resistance is near $1.080 or the 50% Fib retracement level of the downward move from the $1.235 swing high to $0.9411 low.
Any more gains might send the price towards the $1.15 level. On the downside, an immediate support is near the $1.00. The next key support is near the $0.950 level. If there is a downside break below the $0.950 support, the price could test the $0.920 support in the near term.
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 stays below the $1.05 and $1.10 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 well below the 50 level.
Major Support Levels – $1.000 and $0.950.
Major Resistance Levels – $1.05 and $1.15.
