EOS Price Analysis: Key Hurdle Could Spark Fresh Increase

EOS price is declining from $1.200 against the US Dollar, similar to bitcoin. The price could accelerate lower if there is a clear move below the $1.065 support.

EOS Price Analysis

This past week, EOS price climbed further higher above the $1.15 resistance zone against the US Dollar. The price surpassed the $1.18 level and settled above the 55 simple moving average (4-hours).

A high was formed near $1.2349 before the price started a downside correction. The price declined below the $1.22 support to move into a short-term bearish zone. Besides, there was a break below a key bullish trend line with support near $1.150 on the 4-hours chart of the EOS/USD pair.

The pair even traded below the 50% Fib retracement level of the upward move from the $0.9627 swing low to $1.2349 high. It is now trading below $1.15 and the 55 simple moving average (4-hours).

On the downside, an immediate support is near the $1.08. The next key support is near the $1.065. It is near the 61.8% Fib retracement level of the upward move from the $0.9627 swing low to $1.2349 high. If there is a downside break below the $1.065 support, the price could revisit the $1.000 support.

On the upside, an immediate resistance is near the $1.150 level. The first major resistance is near the $1.20 level, above which the price could rise steadily.

The main resistance is still near $1.230. A clear move above the $1.230 level might call for more upsides. In the stated case, it could rise towards the $1.28 level. Any more gains might send the price towards the $1.300 level.

EOS Price

Looking at the chart, EOS price is now trading below the $1.15 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $1.150 and $1.20 resistance levels.

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 below the 50 level.

Major Support Levels – $1.08 and $1.065.

Major Resistance Levels – $1.15 and $1.20.

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