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HomeAltcoin NewsEOS Price Analysis: Risk of More Losses Below $4.5

EOS Price Analysis: Risk of More Losses Below $4.5

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  • EOS started a steady decline from the $7.50 and $7.00 resistance levels against the US Dollar.
  • The price is currently trading well below $6.00 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $5.50 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair must break $5.50 and $6.00 to start a strong increase in the near term.

EOS price is struggling to recover above $6.00 against the US Dollar, unlike bitcoin. The price must clear $6.00 to move into a positive zone.

EOS Price Analysis

After a failed attempt to clear the $8.0 resistance, EOS price started a fresh decline against the US Dollar. The price traded below many supports near $6.00 to move into a bearish zone.

There was also a break below the $5.50 support level and the 55 simple moving average (4-hours). The price traded as low as $4.53 and it is currently correcting higher. There was a break above the $4.80 and $5.00 resistance levels.

The price is now testing the 23.6% Fib retracement level of the recent decline from the $7.70 high to $4.53 low. However, it is facing a lot of hurdles near the $5.50 and $6.00 levels.

There is also a key declining channel forming with resistance near $5.50 on the 4-hours chart of the EOS/USD pair. The next major resistance is near the $6.00 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $7.70 high to $4.53 low is also near the $5.10 level.

A clear break above the $5.50 and $6.00 resistance levels could open the doors for a steady increase. If there is an upside break above the $6.00 zone, the price could start a fresh surge towards the $8.00 level.

On the downside, an initial support is near the $5.00 level. The next major support is near the $4.50 level. Any more losses might call for a test of the $3.70 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is currently trading well below $6.00 and the 55 simple moving average (4-hours). Overall, the price must break $5.50 and $6.00 to start a strong increase in the near term.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is struggling to move above the 50 level.

Major Support Levels – $5.00 and $4.50.

Major Resistance Levels – $5.50 and $6.00.

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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