HomeAltcoin NewsEOS Price Analysis: Signs of More Losses Below $4.50

EOS Price Analysis: Signs of More Losses Below $4.50

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  • EOS price started a fresh decline from well above the $5.50 zone against the US Dollar.
  • The price is now trading below $5.00 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $5.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to continue lower unless it clears the $5.00 and $5.10 resistance levels.

EOS price is gaining pace below $5.00 against the US Dollar, similar to bitcoin. The price could continue lower if it breaks the $4.50 support zone.

EOS Price Analysis

This past week, EOS price climbed above the $6.00 resistance zone against the US Dollar. However, the price struggled to clear the $6.50 resistance zone.

A high was formed near $6.42 before there was a fresh decline. The price broke many supports near $5.50 to move into a bearish zone. There was also a break below a major bullish trend line with support near $5.80 on the 4-hours chart of the EOS/USD pair.

The pair traded as low as $4.28 before there was a fresh increase. The price recovered above the $4.40 and $4.50 levels. There was also a break above the 23.6% Fib retracement level of the recent decline from the $6.42 high to $4.28 low.

It is now consolidating near the $4.80 resistance. It is also trading below $5.00 and the 55 simple moving average (4-hours). The first key resistance is near the $5.00. The main resistance is now forming near the $5.10 level.

To start a fresh increase, the price must settle above the $5.10 level. The next key resistance is near the $5.35 level. It is near the 50% Fib retracement level of the recent decline from the $6.42 high to $4.28 low.

On the downside, the first major support is near the $4.65 level. The main support is now forming near the $4.42 zone. If there is a downside break below the $4.42 support, there could be a move towards the $4.10 support. The next major support sits near the $4.00 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading well below $5.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower unless it clears the $5.00 and $5.10 resistance levels.

Technical indicators

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

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

Major Support Levels – $4.65 and $4.42.

Major Resistance Levels – $5.10 and $5.35.

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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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