EOS Price Analysis: Recovery Could Be Capped Near $1.20
EOS price is struggling below $1.20 against the US Dollar, similar to bitcoin. The price might attempt to recover if there is a clear move above $1.20.
EOS Price Analysis
In the past few days, EOS price saw a fresh drop from the $1.35 zone against the US Dollar. The price traded below the $1.25 and $1.22 levels to enter a bearish zone.
There was a break below a key bullish trend line with support near $1.19 the 4-hours chart of the EOS/USD pair. The pair accelerated lower below the $1.20 support zone and settled well below the 55 simple moving average (4-hours).
The price traded as low as $1.104 and recently started a minor upside correction. It climbed higher and tested the 23.6% Fib retracement level of the downward move from the $1.3406 swing high to $1.104 low.
On the upside, an immediate resistance is near the $1.19 level. The first major resistance is near the $1.20 level or the 50% Fib retracement level of the downward move from the $1.3406 swing high to $1.104 low, above which the price might test the $1.250 level.
A clear move above the $1.25 level could start a steady increase towards the $1.30 level. Any more gains might send the price towards the $1.35 level.
On the downside, an immediate support is near the $1.12. The next key support is near the $1.10 level. If there is a downside break below the $1.10 support, the price could test the $1.00 support in the near term.
Looking at the chart, EOS price is now trading below the $1.20 level and the 55 simple moving average (4-hours). Overall, the price could continue to decline if it stays below the $1.20 and $1.22 resistance levels.
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $1.10 and $1.00.
Major Resistance Levels – $1.20 and $1.25.
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