- 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.
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.
