EOS Price Analysis: Make-or-Break Setup With Resistance At $7

EOS price is correcting losses from $4.00 against the US Dollar, similar to bitcoin. The price must clear $7.00 to move into a positive zone.

EOS Price Analysis

After a clear break below the $10.00 support, EOS price started a strong decline against the US Dollar. The bears pushed the price below the $8.00 and $7.00 support levels.

There was also a close below $7.00 and the 55 simple moving average (4-hours). It even broke the $5.00 support and traded as low as $3.615. Recently, there was an upside correction above the $5.00 and $6.00 levels.

The price climbed above the 23.6% Fib retracement level of the recent decline from the $11.98 swing high to $3.615 low. It is now trading near the $6.50 zone and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $6.50 on the 4-hours chart of the EOS/USD pair.

If there is an upside break above the trend line, the price could surpass the $7.00 resistance. The next major resistance is near the $7.80 level. It is near the 50% Fib retracement level of the recent decline from the $11.98 swing high to $3.615 low.

Any more gains could lead the price towards the $8.80 level. On the downside, an initial support is near the $6.00 level. The next major support is near the $5.00 level. Any more losses might call for a test of the $4.00 support zone.

EOS Price

Looking at the chart, EOS price is testing key hurdles and the 55 simple moving average (4-hours). Overall, the price must break $6.50 and $7.00 to start a strong increase in the near term.

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 above the 50 level.

Major Support Levels – $5.00 and $4.00.

Major Resistance Levels – $7.00 and $8.80.

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