EOS Price Analysis: Bears In Control Below $0.90
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- EOS price started a fresh decline below the $0.880 level against the US Dollar.
- The price is now trading below $0.850 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.851 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 $0.850 and $0.875 resistance levels.
EOS price is struggling below $0.90 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.875.
EOS Price Analysis
In the past few days, EOS price saw a steady decline from the $0.912 resistance against the US Dollar. The price traded below the $0.90 and $0.88 levels to move into a bearish zone.
The decline gained pace below the $0.850 level. It even spiked below $0.820. A low is formed near $0.817 and the price is now consolidating losses. EOS is trading well below $0.850 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.840 level. It is near the 23.6% Fib retracement level of the downward move from the $0.9118 swing high to the $0.8170 low. There is also a key bearish trend line forming with resistance near $0.851 on the 4-hour chart of the EOS/USD pair.
The first major resistance is near the $0.875 level or the 76.4% Fib retracement level of the downward move from the $0.9118 swing high to the $0.8170 low.
A clear move above the $0.875 level could start a steady increase toward the $0.90 level. The next major resistance might be $0.912. Any more gains might send the price toward the $1.00 level. On the downside, immediate support is near $0.820.
The next key support is near the $0.812 level. If there is a downside break below the $0.812 support, the price could test the $0.800 support in the near term.
Looking at the chart, EOS price is now trading below the $0.850 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.850 and $0.875 resistance levels.
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 – $0.820 and $0.800.
Major Resistance Levels – $0.850 and $0.875.
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