EOS price is showing bearish signs below $4.00 against the US Dollar, similar to bitcoin. The price must stay above $3.50 to avoid more losses.
EOS Price Analysis
In the past few sessions, EOS price saw a fresh decline from the $4.40 zone against the US Dollar. The price broke the $4.20 and $4.00 support levels to move into a bearish zone.
The price settled below the $4.00 level and the 55 simple moving average (4-hours). There was even a spike below the $3.65 level. A low is formed near the $3.59 level and the price is now correcting higher. There was a break above the $3.65 and $3.70 resistance levels.
There was also a break above the 23.6% Fib retracement level of the recent decline from the $4.38 swing high to $3.59 low. However, the price is now facing resistance near $3.90 and the 55 simple moving average (4-hours).
The first major resistance is near the $4.00 level. It is near the 50% Fib retracement level of the recent decline from the $4.38 swing high to $3.59 low. A clear break above the $3.90 and $4.00 levels could set the pace for a larger increase.
The next major resistance is near the $4.40 level. On the downside, an initial support is near the $3.65 level. There is also a key bullish trend line forming with support near $3.65 on the 4-hours chart of the EOS/USD pair.
If there is a downside break below $3.65, the price could accelerate lower. The next major support is near the $3.50 level, below which the price could test $3.20.
Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower if it breaks the $3.50 support zone in the near term.
4-hours MACD – The MACD for EOS/USD is slowly moving in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $3.65 and $3.50.
Major Resistance Levels – $4.00 and $4.40.
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