HomeAltcoin NewsEOS Price Analysis: Testing Significant Breakdown Support

EOS Price Analysis: Testing Significant Breakdown Support

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  • EOS price is back in a negative zone below the $2.500 support against the US Dollar.
  • There is a cluster of supports on the downside near the $2.300 level.
  • There is a major declining channel forming with resistance near $2.500 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • A clear break below the $2.300 support zone could spark more downsides in the near term.

EOS price is slowly moving back into a downtrend against the US Dollar, similar to bitcoin. However, if the price stays above the $2.300 support, it could attempt a decent recovery.

EOS Price Analysis

After multiple failures near the $2.800 resistance, EOS price started a fresh decrease against the US Dollar. The price broke a few important supports near $2.550 and $2.500 to enter a bearish zone.

Besides, there was a close below the $2.500 level and the 55 simple moving average (4-hours). The price extended its decline and tested a cluster of supports on the downside near the $2.300 level.

A new weekly low is formed near the $2.332 level and the price is currently correcting higher. It is trading near the $2.400 level and it broke the 23.6% Fib retracement level of the recent decline from the $2.596 high to $2.332 low.

On the upside, there is a key resistance forming near the $2.465 level. It coincides with the 50% Fib retracement level of the recent decline from the $2.596 high to $2.332 low. More importantly, there is a major declining channel forming with resistance near $2.500 on the 4-hours chart of the EOS/USD pair.

The 55 simple moving average (4-hours) is also near the $2.550 level to act as a hurdle for the bulls. Therefore, the price must surpass the $2.500 and $2.550 levels to start a fresh increase.

The next major resistance is near the $2.800 area, above which EOS price might test the $3.000 hurdle. On the downside, there is a major support forming near the $2.300 area.

If there is a clear break and close below the $2.300 support area, the bears are likely to aim a test of the $2.050 support zone in the coming sessions.

EOS Price
EOS Price

Looking at the chart, EOS price is currently trading in a bearish zone below the $2.500 and $2.550 resistance levels. However, there are chances of a decent upward move if the price stays above the $2.300 support.

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 recovering towards the 50 level.

Major Support Levels – $2.300 and $2.050.

Major Resistance Levels – $2.500 and $2.550.

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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