EOS Price Analysis: Risk of Downside Break Emerges
- EOS price started a downside correction from the $1.135 resistance against the US Dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4-hours).
- There was a break below a connecting bullish trend line with support near $1.062 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it fails to stay above the $1.02 support zone.
EOS price is declining from $1.135 against the US Dollar, similar to bitcoin. The price could accelerate lower if there is a clear move below the $1.02 support.
EOS Price Analysis
This week, EOS price made another attempt to clear the $1.135 resistance zone against the US Dollar. The price failed to gain strength and started a downside correction.
The price declined below the $1.10 support to move into a short-term bearish zone. There was a break below a connecting bullish trend line with support near $1.062 on the 4-hours chart of the EOS/USD pair. The pair even moved below the 61.8% Fib retracement level of the upward move from the $1.013 swing low to $1.133 high.
It is now trading below $1.10 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.041. It is near the 76.4% Fib retracement level of the upward move from the $1.013 swing low to $1.133 high.
The next key support is near the $1.00. If there is a downside break below the $1.00 support, the price could revisit the $0.95 support.
On the upside, an immediate resistance is near the $1.075 level. The first major resistance is near the $1.12 level, above which the price could rise steadily. The main resistance is still near $1.135. A clear move above the $1.135 level might call for more upsides.
In the stated case, it could rise towards the $1.20 level. Any more gains might send the price towards the $1.22 level.
EOS Price
Looking at the chart, EOS price is now trading below the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $1.02 support zone.
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 – $1.04 and $1.020.
Major Resistance Levels – $1.075 and $1.12.
