- EOS price started a fresh decline from the $1.25 resistance zone against the US Dollar.
- The price is now trading below $1.20 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $1.165 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 $1.15 and $1.165 resistance levels.
EOS price is struggling below $1.165 against the US Dollar, similar to Bitcoin. The price might attempt to recover if there is a clear move above $1.15.
EOS Price Analysis
In the past few days, EOS price climbed above the $1.20 resistance against the US Dollar. The price traded above the $1.22 and $1.25 resistance levels.
However, the bears were active near the $1.30 zone. A high was formed near $1.2977 before there was a sharp decline. The price declined heavily below the $1.25 support. The bears were able to push the price below the $1.20 support and the 55 simple moving average (4 hours).
A low is formed near $1.081 and the price is now consolidating losses. On the upside, immediate resistance is near the $1.132 level. It is near the 23.6% Fib retracement level of the downward move from the $1.2977 swing high to the $1.0812 low.
The first major resistance is near the $1.15 level. There is also a key bearish trend line forming with resistance near $1.165 on the 4-hour chart of the EOS/USD pair.
A clear move above the $1.165 level could start a steady increase toward the $1.19 level or the 50% Fib retracement level of the downward move from the $1.2977 swing high to the $1.0812 low. Any more gains might send the price toward the $1.25 level.
On the downside, immediate support is near $1.08. The next key support is near the $1.02 level. If there is a downside break below the $1.02 support, the price could test the $0.920 support in the near term.
Looking at the chart, EOS price is now trading below the $1.20 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $1.15 and $1.165 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 – $1.08 and $1.02.
Major Resistance Levels – $1.15 and $1.165.