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HomeAltcoin NewsEOS Price Analysis: Upsides Could be Limited above $1.15

EOS Price Analysis: Upsides Could be Limited above $1.15

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  • EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar.
  • The price is now trading below $1.15 and the 55 simple moving average (4-hours).
  • There was a break below a key rising channel with support near $1.10 the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $1.12 and $1.15 resistance levels.

EOS price is struggling below $1.15 against the US Dollar, similar to bitcoin. The price might attempt to recover if there is a clear move above $1.12.

EOS Price Analysis

In the past few days, EOS price attempted a recovery wave from the $0.965 zone against the US Dollar. The price climbed above the $1.00 and $1.05 resistance levels.

The bulls were able to push the price above the $1.12 level and the 55 simple moving average (4-hours). The price cleared the 23.6% Fib retracement level of the downward move from the $1.340 swing high to $0.9627 low. However, the bears were active near the $1.15 resistance.

The price started a fresh decline from the $1.15 resistance zone. It failed to clear the 50% Fib retracement level of the downward move from the $1.340 swing high to $0.9627 low.

There was a break below a key rising channel with support near $1.10 the 4-hours chart of the EOS/USD pair. It is now trading below $1.15 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.00.

The next key support is near the $0.965 level. If there is a downside break below the $0.965 support, the price could test the $0.920 support in the near term.

On the upside, an immediate resistance is near the $1.10 level. The first major resistance is near the $1.15 level, above which the price might test the $1.200 level. A clear move above the $1.20 level could start a steady increase towards the $1.25 level. Any more gains might send the price towards the $1.30 level.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.15 level and the 55 simple moving average (4-hours). Overall, the price could continue to decline if it stays below the $1.12 and $1.15 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 – $1.00 and $0.965.

Major Resistance Levels – $1.12 and $1.15.

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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