EOS Price Analysis: Downtrend Intact Below $0.80
- EOS price started a fresh decline below the $0.80 level against the US Dollar.
- The price is now trading below $0.750 and the 55 simple moving average (4 hours).
- There is a short-term bearish trend line forming with resistance near $0.675 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 $0.675 and $0.750 resistance levels.
EOS price is struggling below $0.80 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.675.
EOS Price Analysis
In the past few days, EOS price saw a major decline from the $0.900 resistance against the US Dollar. The price traded below the $0.85 and $0.80 levels to move into a bearish zone.
The decline gained pace below the $0.750 level. It even spiked below $0.700. A low is formed near $0.6048 and the price is now consolidating losses. EOS is trading well below $0.80 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.675 level. There is also a short-term bearish trend line forming with resistance near $0.675 on the 4-hour chart of the EOS/USD pair. It is near the 23.6% Fib retracement level of the downward move from the $0.9040 swing high to the $0.6048 low.
The first major resistance is near the $0.75 level or the 50% Fib retracement level of the downward move from the $0.9040 swing high to the $0.6048 low.
A clear move above the $0.75 level could start a steady increase toward the $0.78 level. The next major resistance might be $0.80. Any more gains might send the price toward the $0.850 level. On the downside, immediate support is near $0.620.
The next key support is near the $0.600 level. If there is a downside break below the $0.600 support, the price could test the $0.550 support in the near term.
EOS Price
Looking at the chart, EOS price is now trading below the $0.80 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.675 and $0.750 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 – $0.620 and $0.600.
Major Resistance Levels – $0.675 and $0.750.
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