HomeAltcoin NewsEOS Price Analysis: Upsides Could Be Capped Near $0.625

EOS Price Analysis: Upsides Could Be Capped Near $0.625

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  • EOS price started a fresh decline below the $0.625 zone against the US Dollar.
  • The price is now trading below $0.610 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.6145 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $0.615 and $0.625 resistance levels.

EOS price is struggling below $0.615 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.625.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.725 resistance against the US Dollar. The price traded below the $0.70 and $0.625 levels to move into a bearish zone.

The pair even spiked below the $0.580 support. A low has formed near $0.6140 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $0.7300 swing high to the $0.5200 low.

EOS is trading well below $0.625 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 level. The first major resistance is near the $0.615 level.

There is also a key bearish trend line forming with resistance near $0.6145 on the 4-hour chart of the EOS/USD pair. The main resistance is near the $0.6250 level. It is close to the 50% Fib retracement level of the downward move from the $0.7300 swing high to the $0.5200 low.

A clear move above the $0.625 level could start a steady increase toward the $0.65 level. The next major resistance might be $0.700. Any more gains might send the price toward the $0.725 level.

On the downside, immediate support is near $0.570. The next key support is near the $0.5540 level. If there is a downside break below the $0.5540 support, the price could test the $0.520 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.625 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.615 and $0.625 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.570 and $0.554.

Major Resistance Levels – $0.615 and $0.625.

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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