- EOS price started a fresh decline from the $0.775 zone against the US Dollar.
- The price is now trading below $0.725 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.7190 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 $0.720 and $0.740 resistance levels.
EOS price is struggling below $0.720 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.740.
EOS Price Analysis
In the past few days, EOS price saw a fresh decline from the $0.775 resistance against the US Dollar. The price traded below the $0.75 and $0.74 levels to move into a bearish zone.
The pair even spiked below the $0.705 support. A low is formed near $0.7014 and the price is now consolidating losses. EOS is trading well below $0.725 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.719 level.
There is also a major bearish trend line forming with resistance near $0.7190 on the 4-hour chart of the EOS/USD pair. It is close to the 23.6% Fib retracement level of the downward move from the $0.7767 swing high to the $0.7014 low.
The first major resistance is near the $0.74 level or the 50% Fib retracement level of the downward move from the $0.7767 swing high to the $0.7014 low. A clear move above the $0.74 level could start a steady increase toward the $0.75 level.
The next major resistance might be $0.775. Any more gains might send the price toward the $0.80 level. On the downside, immediate support is near $0.705.
The next key support is near the $0.70 level. If there is a downside break below the $0.70 support, the price could test the $0.65 support in the near term.
Looking at the chart, EOS price is now trading below the $0.725 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.720 and $0.740 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 below the 50 level.
Major Support Levels – $0.705 and $0.700.
Major Resistance Levels – $0.720 and $0.740.
