HomeAltcoin NewsEOS Price Analysis: Upsides Could Be Capped Near $0.825

EOS Price Analysis: Upsides Could Be Capped Near $0.825

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • EOS price started a fresh decline after it failed to clear $0.900 against the US Dollar.
  • The price is now trading below $0.825 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.860 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 $0.804 and $0.825 resistance levels.

EOS price is struggling below $0.825 against the US Dollar, like Bitcoin. The price might attempt to recover if there is a clear move above $0.825.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.900 resistance against the US Dollar. The price traded below the $0.850 and $0.825 levels to move into a bearish zone.

There was a break below a key bullish trend line with support near $0.860 on the 4-hour chart of the EOS/USD pair. The pair even traded below the $0.755 support. A low has formed near $0.7113, and the price is now consolidating losses.

If there is a recovery wave, the price might struggle near the $0.804 zone. It is near the 50% Fib retracement level of the downward move from the $0.8955 swing high to the $0.7113 low.

EOS is trading well below $0.825 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.804 level. The first major resistance is near the $0.825 level. It is near the 61.8% Fib retracement level of the downward move from the $0.8955 swing high to the $0.7113 low.

The next resistance is near $0.850. A clear move above the $0.850 level could start a steady increase toward the $0.900 level. Any more gains might send the price toward the $0.935 level.

On the downside, immediate support is near $0.745. The next key support is near the $0.7120 level. If there is a downside break below the $0.7120 support, the price could test the $0.6850 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.825 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.804 and $0.825 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.745 and $0.712.

Major Resistance Levels – $0.804 and $0.825.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img