- EOS price is facing resistance near $1.35 and $1.40 against the US Dollar.
- The price is now trading below $1.30 and the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $1.30 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend its decline if it trades below the $1.22 support zone in the near term.
EOS price is struggling below $1.35 against the US Dollar, similar to bitcoin. The price must stay above the $1.22 support zone to avoid more losses.
EOS Price Analysis
This week, EOS price attempted a recovery wave above the $1.28 level against the US Dollar. Earlier, the price formed a base above the $1.22 level and started a recovery wave.
There was a break above the $1.28 and $1.30 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.410 swing high to $1.220 low. However, the bears defended the $1.32 resistance.
The price failed to stay above the 50% Fib retracement level of the downward move from the $1.410 swing high to $1.220 low. A high was formed near $1.336 before the price started a fresh decline. There was a move below the $1.32 and $1.30 support levels.
EOS is now trading below $1.30 and the 55 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $1.30 on the 4-hours chart of the EOS/USD pair.
On the upside, there is a major resistance forming near the $1.30 level and the 55 simple moving average (4-hours). The first major resistance is near the $1.32 level. To start a fresh increase, the price must clear $1.32 and $1.35.
On the downside, an immediate support is near the $1.220 level. The next key support is near the $1.20 level. If there is a downside break below the $1.20 support, the price could continue to move down towards the $1.12 level in the near term.
Looking at the chart, EOS price is now trading below the $1.30 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline if it trades below the $1.22 support zone in the near term.
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 near the 40 level.
Major Support Levels – $1.22 and $1.18.
Major Resistance Levels – $1.32 and $1.35.
