EOS Price Analysis: Bulls Could Struggle Near $1.05June 23, 2022
EOS price is struggling below $1.10 against the US Dollar, similar to bitcoin. The price must stay above the $0.85 support zone to avoid more losses.
EOS Price Analysis
This week, EOS price started a fresh decline from the $1.10 resistance zone against the US Dollar. The price traded below the $1.05 support zone to move into a bearish zone.
There was a move below the $1.00 level and the 55 simple moving average (4-hours). It even declined below the $0.90 level before the bulls appeared near $0.85. A low is formed near $0.82 and the price is now correcting higher.
There was a break above the $0.92 and $0.94 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.340 swing high to $0.820 low.
Besides, there was a break above a key bearish trend line with resistance near $1.00 on the 4-hours chart of the EOS/USD pair. The pair is now trading above $0.950 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.02 level.
The first major resistance is near the $1.05 level. The next major resistance sits near the $1.08 level. It is near the 50% Fib retracement level of the downward move from the $1.340 swing high to $0.820 low. To start a fresh increase, the price must clear $1.02 and $1.05.
On the downside, an immediate support is near the $0.92 level. The next key support is near the $0.85 level. If there is a downside break below the $0.85 support, the price could continue to move down towards the $0.82 level in the near term.
Looking at the chart, EOS price is now trading above the $0.92 level and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $1.02 and $1.05 resistance levels.
4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $0.920 and $0.900.
Major Resistance Levels – $1.02 and $1.05.
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