EOS Price Analysis: Bears Aim Drop Below $1.15
EOS price is struggling below $1.30 against the US Dollar, similar to bitcoin. The price must stay above the $1.18 support zone to avoid more losses.
EOS Price Analysis
This week, EOS price attempted a recovery wave above the $1.25 level against the US Dollar. Earlier, the price formed a base above the $1.05 level and started a recovery wave.
There was a break above the $1.30 and $1.32 resistance levels. However, the bears defended the $1.40 resistance. A high was formed near $1.410 before the price started a fresh decline. There was a move below the $1.32 and $1.30 support levels.
The price traded below the 50% Fib retracement level of the upward move from the $1.180 swing low to $1.410 high. Besides, there was a break below a key bullish trend line with support near $1.30 on the 4-hours chart of the EOS/USD pair.
The price is now trading below $1.30 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.234 level. It is near the 76.4% Fib retracement level of the upward move from the $1.180 swing low to $1.410 high.
The next key support is near the $1.18 level. If there is a downside break below the $1.18 support, the price could continue to move down towards the $1.05 level in the near term.
On the upside, there is a major resistance forming near the $1.30 level and the 55 simple moving average (4-hours). The first major resistance is near the $1.40 level. To start a fresh increase, the price must clear $1.40 and $1.42.
Looking at the chart, EOS price is now trading below the $1.30 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline if it trades below the $1.18 support zone in the near term.
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 40 level.
Major Support Levels – $1.22 and $1.18.
Major Resistance Levels – $1.35 and $1.40.
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