- EOS price started a downside correction from the $5.95 resistance zone against the US Dollar.
- The price is now trading just below the $5.30 support and the 55 simple moving average (4-hours).
- There was a break below a crucial bullish trend line with support near $5.20 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue lower unless it recovers above the $5.30 resistance zone.
EOS price is gaining pace below $5.30 against the US Dollar, similar to bitcoin. The price could continue to move down if it breaks the $4.80 support zone.
EOS Price Analysis
This past week, EOS price saw a decent increase above the $5.00 resistance zone against the US Dollar. The price broke the $5.60 resistance level and the 55 simple moving average (4-hours).
The price even spiked above the $5.80 level, but it faced a major resistance near the $5.90 zone. A high was formed near $5.92 and the price recently corrected lower. There was a break below the $5.30 and $5.20 support levels.
There was also a break below a crucial bullish trend line with support near $5.20 on the 4-hours chart of the EOS/USD pair. The price even spiked below the $5.00 level and traded as low as $4.87.
It is now correcting losses and trading above the $5.00 level. There was a break above the 23.6% Fib retracement level of the key drop from the $5.92 high to $4.87 low. It is now trading just below the $5.30 support and the 55 simple moving average (4-hours).
The first key resistance is near the $5.30 and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the key drop from the $5.92 high to $4.87 low.
To start a fresh increase, the price must settle above the $5.30 level. On the downside, the first major support is near the $4.90 and $4.80 levels. If there is a downside break below the $4.80 support, there could be a move towards the $4.20 support.
Looking at the chart, EOS price is now trading just below $5.30 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower unless it recovers above the $5.30 resistance zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $4.90 and $4.80.
Major Resistance Levels – $5.30 and $5.50.
