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HomeAltcoin NewsEOS Price Analysis: Signs of Bearish Continuation

EOS Price Analysis: Signs of Bearish Continuation

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  • EOS price is down more than 8% today and it broke the key $2.700 support area against the US Dollar.
  • The price traded close to the $2.500 support area and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $2.850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could resume its decline as long as it is trading below the $2.800 pivot area.

EOS price is back in a bearish zone against the US Dollar and bitcoin. The price remains at a risk of more losses as long as the price is below $2.800 and $3.000.

EOS Price Analysis

The last few sessions saw a strong decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price struggled to hold gains above the $3.000 pivot level and started a fresh decline.

The price broke a few important supports near $2.900 and the 55 simple moving average (4-hours) to move into a bearish zone. Moreover, there was a break below the key $2.700 support area, opening the doors for more downsides in the near term.

Finally, the price broke the $2.650 support area and traded towards the $2.500 area. A new monthly low was formed near $2.535 and the price is currently correcting higher.

There was a recovery above the $2.650 level, plus the 23.6% Fib retracement level of the recent decline from the $3.0.31 high to $2.535 low. However, the previous support near the $2.700 and $2.720 levels are preventing an upward move.

On the upside, the next key resistance is near the $2.800 level. Additionally, the 50% Fib retracement level of the recent decline from the $3.0.31 high to $2.535 low might act as a resistance near the $2.780 area.

To start a fresh upward move, the price must settle above the $2.900 area and the 55 simple moving average (4-hours). More importantly, there is a major bearish trend line forming with resistance near $2.850 on the 4-hours chart of the EOS/USD pair.

If there is no rebound above the $2.700 and $2.850 levels, the price is likely to resume its decline. An immediate support is near the $2.600 level. The main support is near the $2.500 level, below which it could slide towards $2.200.

EOS Price
EOS Price

Looking at the chart, EOS price is correcting losses, but it is facing hurdles near the $2.750 and $2.850 levels. If there is no rebound above the $2.750 and $2.850 levels, the price is likely to resume its decline. An immediate support is near the $2.600 level. The main support is near the $2.500 level, below which it could slide towards $2.200.

Technical indicators

Hourly MACD – The MACD for EOS/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently correcting higher towards the 40 level.

Major Support Levels – $2.600 and $2.500.

Major Resistance Levels – $2.750 and $2.850.

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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