EOS Price Analysis: Bears In Control Below $2.60September 24, 2020
EOS price is back in a bearish zone below $2.500 against the US Dollar, similar to bitcoin. The price is continue lower below $2.400 as long as it is below the $2.600 support.
EOS Price Analysis
EOS price started a fresh decline from the $2.750 and $2.800 resistance levels against the US Dollar. There was a break below the $2.600 support level and the price moved into a bearish zone.
The bears remained in action, resulting in a break below the $2.500 support. The price traded to a new weekly low at $2.394 and it settled well below the 55 simple moving average (4-hours). It is currently consolidating losses above the $2.400 level.
An initial resistance on the upside is near the $2.450 level or the 23.6% Fib retracement level of the recent decline from the $2.775 high to $2.394 low. The first major resistance on the upside is near the $2.550 level.
The main resistance is now forming near the $2.600 level. There is also a key bearish trend line forming with resistance near $2.550 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $2.775 high to $2.394 low.
To move into a positive zone, the price must climb above the $2.550 and $2.600 resistance levels. Conversely, the price might continue to move down below $2.400.
An initial support on the downside is near the $2.320 level. The first key support is near the $2.225 level, below which the price may perhaps revisit the $2.000 support zone.
Looking at the chart, EOS price is clearly trading well below the $2.600 support and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides are likely to face hurdles near $2.550 and $2.600 in the near term.
4-hours MACD – The MACD for EOS/USD is now gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Levels – $2.400 and $2.225.
Major Resistance Levels – $2.550 and $2.600.
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