EOS Price Analysis: Risk of Sharp Decline Below $3
EOS price is showing bearish signs below $3.20 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $3.10.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $3.35 resistance zone against the US Dollar. The price traded below the $3.20 level and the 55 simple moving average (4-hours).
Besides, there was a break below a major bullish trend line with support near $3.15 on the 4-hours chart of the EOS/USD pair. The pair is now trading below $3.20 and the 55 simple moving average (4-hours). The price even spiked below the $3.00 level.
A low is formed near $2.97 and the price is now consolidating losses. An initial resistance on the upside is near the $3.10 level. It is near the 23.6% Fib retracement level of the downward move from the $3.50 swing high to $2.970 low.
The next key resistance is near the $3.24 level. It coincides with the 50% Fib retracement level of the downward move from the $3.50 swing high to $2.970 low. A clear move above the $3.24 level is needed to gain bullish momentum in the near term.
On the downside, the first major support is near the $3.00 level. The main support is now forming near the $2.98 zone, below which there is a risk of a sharp move towards the $2.65 support. Any more losses might call for a move towards the $2.50 level in the near term.
EOS Price
Looking at the chart, EOS price is now trading below $3.20 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a proper close below the $3.00 support.
Technical indicators
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 – $3.00 and $2.98.
Major Resistance Levels – $3.10 and $3.24.
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