HomeAltcoin NewsEOS Price Analysis: Signs of More Downsides Below $3.0

EOS Price Analysis: Signs of More Downsides Below $3.0

-

  • EOS price started a fresh decline from well above the $3.500 resistance against the US Dollar.
  • The price declined below the $3.200 support and settled below the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $3.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move down below $3.000 as long as it is below $3.200.

EOS price is declining and trading below key supports against the US Dollar, similar to bitcoin. The price is currently consolidating losses and remains at a risk of more losses.

EOS Price Analysis

EOS price failed to stay above the $3.550 and $3.500 support levels against the US Dollar. It traded below the $3.400 and $3.200 support levels to move into a bearish zone.

There was also a break below the $3.000 support and the price settled well below the 55 simple moving average (4-hours). It traded as low as $2.961 and it is currently consolidating losses. There was a minor upside correction above the $3.000 level.

EOS recovered above the 23.6% Fib retracement level of the recent decline from the $3.435 high to $2.961 low. However, the price is facing a lot of hurdles on the upside, starting with $3.200.

There is also a crucial bearish trend line forming with resistance near $3.200 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $3.435 high to $2.961 low.

Therefore, an upside break above the trend line resistance is must to start a steady recovery. The next major resistance is near the 55 simple moving average (4-hours) at $3.350. A successful close above the 55 simple moving average (4-hours) could open the doors for a decent increase towards the $3.550 level.

Conversely, the price might continue to move down towards the $2.900 support. A clear break below the $2.900 support may perhaps spark a sustained downward move towards the $2.600 and $2.500 levels.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly facing a few key hurdles near the $3.200 level. Therefore, the price could continue to move down below $3.000 as long as it is below $3.200.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.

Major Support Levels – $3.000 and $2.900.

Major Resistance Levels – $3.200 and $3.350.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular