- EOS price started a downside correction from the $0.806 zone against the US Dollar.
- The price is now trading below $0.7650 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.7530 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $0.770 and $0.7850 resistance levels.
EOS price is declining below $0.800 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.740.
EOS Price Analysis
Earlier this month, EOS price climbed higher above the $0.740 resistance zone against the US Dollar. The price surpassed the $0.780 level and settled above the 55 simple moving average (4 hours).
A high was formed near $0.8068 before the price started a downside correction. The price declined below the $0.780 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.6756 swing low to the $0.8068 high.
However, the bulls were active near the $0.740 support. The price is also stable above the 50% Fib retracement level of the upward move from the $0.6756 swing low to the $0.8068 high.
Besides, there is a key bullish trend line forming with support near $0.7530 on the 4-hour chart of the EOS/USD pair. It is now trading below $0.7650 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.753 level.
The next key support is near the $0.740 level. If there is a downside break below the $0.740 support, the price could revisit the $0.700 support.
On the upside, immediate resistance is near the $0.770 level. The first major resistance is near the $0.7850 level, above which the price could rise steadily toward the $0.806 level. Any more gains might send the price toward the $0.832 level.
Looking at the chart, EOS price is now trading below the $0.780 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.770 and $0.7850 resistance levels.
Technical indicators
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 below the 50 level.
Major Support Levels – $0.740 and $0.700.
Major Resistance Levels – $0.770 and $0.7850.