EOS Price Analysis: Another Decrease To $3.20 Likely

EOS Price Analysis: Another Decrease To .20 Likely


  • EOS price struggled to surpass the $3.660 and $3.680 resistance levels against the US Dollar.
  • The price is currently declining and it is facing resistance near the $3.500 area.
  • There was a break below a connecting bullish trend line with support near $3.480 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to correct lower below the $3.400 and $3.320 support levels.

EOS price is currently correcting gains against the US Dollar, while bitcoin is declining. The price is likely to find a strong support near the $3.200 area.

EOS Price Analysis

This week, bitcoin, Ethereum, ripple, litecoin and EOS faced a fresh selling pressure against the US Dollar. Earlier, EOS price struggled to surpass the $3.660 and $3.680 resistance levels.

As a result, there was a fresh decline initiated from the $3.663 high. It broke the $3.550 and $3.500 support levels to move into a short term bearish zone. Moreover, there was a close below $3.500 and the 55 simple moving average (4-hours).

During the decline, there was a break below a connecting bullish trend line with support near $3.480 on the 4-hours chart of the EOS/USD pair. The pair is now trading near the $3.390 support area and formed a low at $3.383.

Recently, there was a minor upward move above $3.450. Besides, the price climbed above the 23.6% Fib retracement level of the decline from the $3.663 high to $3.383 low.

However, EOS seems to be facing a strong resistance near the $3.500 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the decline from the $3.663 high to $3.383 low is near the $3.520 level.

Therefore, a clear break above the $3.520 resistance and the 55 SMA is needed for a fresh increase in the near term. The next major hurdles are near the $3.660 and $3.680 levels.

On the downside, an immediate support is near the $3.390 level. If there is a downside break below the $3.390 level, the price could continue to move down towards the $3.320 level. The main support is near the $3.200 level, where the bulls are likely to take a stand.

EOS Price Analysis: Another Decrease To .20 Likely

EOS Price

Looking at the chart, EOS price is clearly showing a few bearish signs below the $3.500 level. It seems like the price could extend its downside correction below the $3.400 and $3.320 levels. Once the current correction is complete, the price is likely to revisit the $3.660 resistance zone.

Technical indicators

Hourly MACD – The MACD for EOS/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently declining towards the 40 level.

Major Support Levels – $3.390 and $3.320.

Major Resistance Levels – $3.500 and $3.660.

The post EOS Price Analysis: Another Decrease To $3.20 Likely appeared first on Live Bitcoin News.



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