EOS Price Analysis: Upsides Could Be Capped Near $0.625
- EOS price started a fresh decline below the $0.625 zone against the US Dollar.
- The price is now trading below $0.610 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.6145 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 $0.615 and $0.625 resistance levels.
EOS price is struggling below $0.615 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.625.
EOS Price Analysis
In the past few days, EOS price saw a fresh decline from the $0.725 resistance against the US Dollar. The price traded below the $0.70 and $0.625 levels to move into a bearish zone.
The pair even spiked below the $0.580 support. A low has formed near $0.6140 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $0.7300 swing high to the $0.5200 low.
EOS is trading well below $0.625 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 level. The first major resistance is near the $0.615 level.
There is also a key bearish trend line forming with resistance near $0.6145 on the 4-hour chart of the EOS/USD pair. The main resistance is near the $0.6250 level. It is close to the 50% Fib retracement level of the downward move from the $0.7300 swing high to the $0.5200 low.
A clear move above the $0.625 level could start a steady increase toward the $0.65 level. The next major resistance might be $0.700. Any more gains might send the price toward the $0.725 level.
On the downside, immediate support is near $0.570. The next key support is near the $0.5540 level. If there is a downside break below the $0.5540 support, the price could test the $0.520 support in the near term.
Looking at the chart, EOS price is now trading below the $0.625 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.615 and $0.625 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $0.570 and $0.554.
Major Resistance Levels – $0.615 and $0.625.
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