EOS Price Analysis: Bearish Turn Below $0.9, Support Nearby

EOS price is struggling below $0.90 against the US Dollar, similar to bitcoin. The price might attempt to rise if there is a clear move above $0.905.

EOS Price Analysis

Earlier this month, EOS price saw a major decline below the $1.00 zone against the US Dollar. The price traded below the $0.95 and $0.92 levels to enter a bearish zone.

The pair accelerated lower below the $0.90 support zone and settled well below the 55 simple moving average (4-hours). It traded as low as $0.8306 and recently started an upside correction. There was a minor move above the $0.850 resistance zone.

The price even climbed above the 23.6% Fib retracement level of the downward move from the $1.068 swing high to $0.8306 low. The price is now trading below $0.90 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $0.90 level. There is also a key bearish trend line forming with resistance near $0.905 the 4-hours chart of the EOS/USD pair. The first major resistance is near the $0.92 level, above which the price might test the $0.945 level.

The 50% Fib retracement level of the downward move from the $1.068 swing high to $0.8306 low is also near $0.945. Any more gains might send the price towards the $1.00 level.

On the downside, an immediate support is near the $0.860. The next key support is near the $0.830 level. If there is a downside break below the $0.830 support, the price could test the $0.80 support in the near term.

EOS Price

Looking at the chart, EOS price is now trading below the $0.90 level and the 55 simple moving average (4-hours). Overall, the price could might attempt to recover towards the $0.92 and $0.945 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 near the 50 level.

Major Support Levels – $0.86 and $0.830.

Major Resistance Levels – $0.905 and $0.92.

Source: Read Full Article