- EOS price started a fresh decline after it failed to stay above $0.880 against the US Dollar.
- The price is now trading below $0.800 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.7620 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 $0.7620 and $0.7800 resistance levels.
EOS price is struggling below $0.800 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.780.
EOS Price Analysis
In the past few days, EOS price saw a fresh decline from the $0.888 resistance against the US Dollar. The price traded below the $0.820 and $0.800 levels to move into a bearish zone.
The pair even traded below the $0.750 support. A low has formed near $0.6684, and the price is now consolidating losses. There was a minor increase above the $0.720 resistance zone. It recovered above the 23.6% Fib retracement level of the downward move from the $0.8955 swing high to the $0.6684 low.
EOS is now trading below $0.800 and the 55 simple moving average (4 hours). It is facing resistance near the $0.7620 zone. There is also a key bearish trend line forming with resistance near $0.7620 on the 4-hour chart of the EOS/USD pair.
If there is a recovery wave, the price might struggle near the $0.780 zone. It is near the 50% Fib retracement level of the downward move from the $0.8955 swing high to the $0.6684 low.
The next resistance is near $0.8420. A clear move above the $0.8420 level could start a steady increase toward the $0.888 level. Any more gains might send the price toward the $0.925 level.
On the downside, immediate support is near $0.742. The next key support is near the $0.706 level. If there is a downside break below the $0.706 support, the price could test the $0.6650 support in the near term.
Looking at the chart, EOS price is now trading below the $0.800 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.762 and $0.780 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $0.742 and $0.706.
Major Resistance Levels – $0.762 and $0.780.
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- Source: https://www.livebitcoinnews.com/eos-price-analysis-bulls-face-key-hurdle-at-0-78/
