EOS Price Analysis: Fresh Increase Possible If It Holds This Support
EOS price is struggling below $1.00 against the US Dollar, similar to bitcoin. The price might attempt to rise if there is a clear move above $1.00.
EOS Price Analysis
Earlier this week, EOS price saw a sharp drop below the $1.008 support zone against the US Dollar. The price traded below the $1.000 and $0.98 levels to enter a bearish zone.
The price formed a top near the $1.068 before there was a bearish reaction. During the decline, there was a break below the 50% Fib retracement level of the upward move from the $0.9176 swing low to $1.068 high. The price is now trading below $1.00 and the 55 simple moving average (4-hours).
It is testing the $0.970 support zone. There is also a major bullish trend line forming with support near $0.9650 on the 4-hours chart of the EOS/USD pair.
On the upside, an immediate resistance is near the $0.988 level. The first major resistance is near the $1.00 level, above which the price might test the $1.065 level. Any more gains might send the price towards the $1.12 level.
On the downside, an immediate support is near the $0.965 and the trend line zone. The 76.4% Fib retracement level of the upward move from the $0.9176 swing low to $1.068 high is also near the $0.955 zone. The next key support is near the $0.915 level. If there is a downside break below the $0.915 support, the price could test the $0.85 support in the near term.
Looking at the chart, EOS price is now trading below the $1.00 level and the 55 simple moving average (4-hours). Overall, the price could rise again unless there is a clear move below the $0.950 support zone.
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 – $0.965 and $0.915.
Major Resistance Levels – $1.00 and $1.065.
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