- EOS price started a fresh decline below the $1.20 level against the US Dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $1.080 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 $1.08 and $1.10 resistance levels.
EOS price is struggling below $1.12 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $1.080.
EOS Price Analysis
In the past few days, EOS price saw a steady decline from the $1.25 resistance against the US Dollar. The price traded below the $1.20 and $1.15 levels to move into a bearish zone.
The decline gained pace below the $1.10 level. It even spiked below $1.00. A low is formed near $0.9747 and the price is now consolidating losses. EOS is trading well below $1.10 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $1.050 level. It is near the 23.6% Fib retracement level of the downward move from the $1.2978 swing high to the $0.9747 low. The first major resistance is near the $1.08 level. There is also a major bearish trend line forming with resistance near $1.080 on the 4-hour chart of the EOS/USD pair.
A clear move above the $1.080 level could start a steady increase toward the $1.10 level. The next major resistance might be $1.135 or the 50% Fib retracement level of the downward move from the $1.2978 swing high to the $0.9747 low. Any more gains might send the price toward the $1.15 level.
On the downside, immediate support is near $1.00. The next key support is near the $0.975 level. If there is a downside break below the $0.975 support, the price could test the $0.920 support in the near term.
Looking at the chart, EOS price is now trading below the $1.10 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $1.08 and $1.100 resistance levels.
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 – $1.00 and $0.975.
Major Resistance Levels – $1.08 and $1.100.
