EOS Price Analysis: Signs of More Losses Below $4.50
EOS price is gaining pace below $5.00 against the US Dollar, similar to bitcoin. The price could continue lower if it breaks the $4.50 support zone.
EOS Price Analysis
This past week, EOS price climbed above the $6.00 resistance zone against the US Dollar. However, the price struggled to clear the $6.50 resistance zone.
A high was formed near $6.42 before there was a fresh decline. The price broke many supports near $5.50 to move into a bearish zone. There was also a break below a major bullish trend line with support near $5.80 on the 4-hours chart of the EOS/USD pair.
The pair traded as low as $4.28 before there was a fresh increase. The price recovered above the $4.40 and $4.50 levels. There was also a break above the 23.6% Fib retracement level of the recent decline from the $6.42 high to $4.28 low.
It is now consolidating near the $4.80 resistance. It is also trading below $5.00 and the 55 simple moving average (4-hours). The first key resistance is near the $5.00. The main resistance is now forming near the $5.10 level.
To start a fresh increase, the price must settle above the $5.10 level. The next key resistance is near the $5.35 level. It is near the 50% Fib retracement level of the recent decline from the $6.42 high to $4.28 low.
On the downside, the first major support is near the $4.65 level. The main support is now forming near the $4.42 zone. If there is a downside break below the $4.42 support, there could be a move towards the $4.10 support. The next major support sits near the $4.00 level.
Looking at the chart, EOS price is now trading well below $5.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower unless it clears the $5.00 and $5.10 resistance levels.
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $4.65 and $4.42.
Major Resistance Levels – $5.10 and $5.35.
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