- EOS price started a downside correction from the $1.36 zone against the US Dollar.
- The price is now trading above $1.100 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with support near $1.160 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $1.20 and $1.250 resistance levels.
EOS price is declining below $1.200 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $1.100.
EOS Price Analysis
Earlier this month, EOS price climbed higher above the $1.00 resistance zone against the US Dollar. The price surpassed the $1.100 level and settled above the 55 simple moving average (4 hours).
A high was formed near $1.3631 before the price started a downside correction. The price declined below the $1.250 support zone. There was a drop below the 50% Fib retracement level of the upward move from the $0.9119 swing low to the $1.3631 high.
However, the bulls were active near the $1.150 support. The price is also stable above the 61.8% Fib retracement level of the upward move from the $0.9119 swing low to the $1.3631 high.
Besides, there is a key contracting triangle forming with support near $1.160 on the 4-hour chart of the EOS/USD pair. It is now trading above $1.100 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $1.160 level.
The next key support is near the $1.135 level. If there is a downside break below the $1.1350 support, the price could revisit the $1.100 support.
On the upside, immediate resistance is near the $1.200 level. The first major resistance is near the $1.250 level, above which the price could rise steadily toward the $1.320 level. Any more gains might send the price toward the $1.350 level.
Looking at the chart, EOS price is now trading above the $1.120 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $1.20 and $1.250 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $1.160 and $1.1350.
Major Resistance Levels – $1.200 and $1.250.
