- EOS price started a fresh decline from the $1.40 resistance against the US Dollar.
- The price is now trading below $1.25 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1.170 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $1.140 and $1.1020 support levels.
EOS price is struggling below $1.40 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the $1.25 and $1.30 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh decline from the $1.40 zone against the US Dollar. The price traded below the $1.35 and $1.30 levels to enter a bearish zone.
The price broke the $1.25 support zone and the 55 simple moving average (4-hours). The bears even pushed the price below the $1.20 level. A low is formed near $1.1028 and the price is now correcting losses. There was a minor increase above the $1.15 level.
There was a move above the 23.6% Fib retracement level of the downward move from the $1.383 swing high to $1.1028 low. Besides, there was a break above a major bearish trend line with resistance near $1.170 on the 4-hours chart of the EOS/USD pair.
The price is now trading below $1.25 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.250 level. It near the 50% Fib retracement level of the downward move from the $1.383 swing high to $1.1028 low.
The first major resistance is near the $1.30 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.35 level. Any more gains might send the price towards the $1.40 level.
On the downside, an immediate support is near the $1.170. The next key support is near the $1.100 level. If there is a downside break below the $1.100 support, the price could test the $1.05 support.
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 start a fresh increase if it stays above the $1.140 and $1.1020 support levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $1.170 and $1.110.
Major Resistance Levels – $1.25 and $1.300.
