- EOS extended its decline and traded below the $3.50 support zone against the US Dollar.
- The price is now trading below the $3.75 support and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $3.40 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it breaks the $3.55 and $3.75 resistance levels in the near term.
EOS price is showing positive signs above $3.30 against the US Dollar, similar to bitcoin. The price must stay above $3.20 to avoid more losses.
EOS Price Analysis
This week, EOS price saw a downside extension below the $3.75 support zone against the US Dollar. The price broke the $3.50 and $3.30 support levels to move into a bearish zone.
The price settled below the $3.75 level and the 55 simple moving average (4-hours). There was even a spike below the $3.20 level. A low is formed near the $3.14 level and the price is now correcting higher. There was a break above the $3.30 and $3.40 resistance levels.
There was also a break above the 23.6% Fib retracement level of the key decline from the $4.38 swing high to $3.14 low. Besides, there was a break above a key bearish trend line with resistance near $3.40 on the 4-hours chart of the EOS/USD pair.
However, the price is now facing resistance near $3.55. The next key resistance is near the $3.60 level and the 55 simple moving average (4-hours). The main resistance is near the $3.75 level, above which the price is likely to accelerate higher.
The next major resistance is near the $4.00 level. On the downside, an initial support is near the $3.40 level. The first key support is near the $3.20 level. If there is a downside break below $3.20, the price could accelerate lower. The next major support is near the $3.00 level.
Looking at the chart, EOS price is now trading below $3.75 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it breaks the $3.55 and $3.75 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now close to the 50 level.
Major Support Levels – $3.40 and $3.20.
Major Resistance Levels – $3.55 and $3.75.
