HomeAltcoin NewsEOS Price Analysis: Trading Near Make-or-Break Levels At $2.45

EOS Price Analysis: Trading Near Make-or-Break Levels At $2.45

-

  • EOS price remained in a bearish zone and extended its decline below $2.225 against the US Dollar.
  • The price traded as low as $2.182 and it is currently correcting higher towards the 55 simple moving average (4-hours).
  • There is a significant bearish trend line forming with resistance near $2.450 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the key $2.450 resistance zone.

EOS price is slowly recovering and approaching a crucial juncture against the US Dollar, similar to bitcoin. It could either rally above $2.450 or resume its decline towards $2.000.

EOS Price Analysis

EOS price remained in a bearish zone below the $2.500 pivot level and extended its decline against the US Dollar. The price even broke the $2.300 and $2.225 support levels.

A low was formed near $2.182 and the price settled below the 55 simple moving average (4-hours). Recently, there was an upside correction from the $2.182 low and the price recovered above the $2.300 level.

It managed to surpass the 23.6% Fib retracement level of the downward move from the $2.605 high to $2.182 low. However, EOS price is now facing a strong resistance near the $2.400 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the downward move from the $2.605 high to $2.182 low is also acting as a resistance. More importantly, there is a significant bearish trend line forming with resistance near $2.450 on the 4-hours chart of the EOS/USD pair.

Therefore, the price must break the $2.400 and $2.450 resistance levels to start a steady recovery wave. The next immediate resistance is at $2.500, above which the price might rise towards the $2.650 resistance.

Conversely, there is a risk of a fresh decline from the $2.400 resistance or $2.450. An initial support is near the $2.300 level, but the first key support is at $2.225. A close below the $2.225 support might open the doors for a push towards the $2.000 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly approaching a major resistance zone at $2.450. It could either start a strong rally if it clears the key $2.450 resistance zone or resume its decline towards the $2.000 support.

Technical indicators

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

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

Major Support Levels – $2.225 and $2.180.

Major Resistance Levels – $2.400 and $2.450.

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