- EOS failed to surpass a key resistance zone near $4.20 against the US Dollar.
- The price is now trading below the $4.00 support and the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle with support near $4.00 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue lower if it breaks the $3.60 support zone in the near term.
EOS price is showing bearish signs below $3.85 against the US Dollar, similar to bitcoin. The price must stay above $3.60 to avoid more losses.
EOS Price Analysis
In the past few sessions, EOS price saw a decent recovery wave above the $3.60 level against the US Dollar. The price even traded above the $4.00 resistance zone.
There was a break above the 23.6% Fib retracement level of the key drop from the $5.44 swing high to $3.05 low. However, the price faced a strong resistance near the $4.20 level. There was a couple of spikes above $4.20, but there was no upside continuation.
It seems like the price failed to clear the 50% Fib retracement level of the key drop from the $5.44 swing high to $3.05 low. The pair is now trading lower and it broke the $4.00 support level.
There was also a break below a key contracting triangle with support near $4.00 on the 4-hours chart of the EOS/USD pair. It is now trading below $3.80 and the 55 simple moving average (4-hours). An initial support on the downside is near the $3.60 level.
If there is a downside break below $3.60, the price could accelerate lower. The next major support is near the $3.20 level. On the upside, the price might face hurdles near $4.00 and the 55 SMA.
The next key resistance is near the $4.20 and $4.25 levels. A close above the $4.20 level could spark a strong increase in the coming sessions. The next stop for the bulls might be $5.00.
Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower if it breaks the $3.60 support zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now moving in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $3.60 and $3.20.
Major Resistance Levels – $4.20 and $4.50.
