EOS price is down more than 10% and it broke the key .040 support area against the US Dollar.The price even traded below the .000 support area and tested the .820 support zone.There was a break below a major bullish trend line with support near .110 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair remains at a risk of more losses if there is a close below the .800 pivot level.EOS price is showing bearish signs against the US Dollar and bitcoin. The price could recover, but it must settle above .040 and .050 to turn positive once again.EOS Price AnalysisThis week, there was a fresh decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price tested the .200 resistance area, where sellers prevented gains. A swing
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- EOS price is down more than 10% and it broke the key $3.040 support area against the US Dollar.
- The price even traded below the $3.000 support area and tested the $2.820 support zone.
- There was a break below a major bullish trend line with support near $3.110 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair remains at a risk of more losses if there is a close below the $2.800 pivot level.
EOS price is showing bearish signs against the US Dollar and bitcoin. The price could recover, but it must settle above $3.040 and $3.050 to turn positive once again.
EOS Price Analysis
This week, there was a fresh decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price tested the $3.200 resistance area, where sellers prevented gains. A swing high was formed near $3.201 and the price recently declined heavily. There was a break below the key $3.100 and $3.040 support levels. Moreover, there was a close below $3.040 and the 55 simple moving average (4-hours).
Besides, there was a break below a major bullish trend line with support near $3.110 on the 4-hours chart of the EOS/USD pair. The pair even declined below $3.000 and $2.950. Finally, it tested the key $2.820 support area. A low was formed near $2.815 and the price is currently consolidating losses. At the moment, the price is trading near the 23.6% Fib retracement level of the recent decline from the $3.201 high to $2.815 low.
The first major resistance is near the $3.000 level. It coincides with the 50% Fib retracement level of the recent decline from the $3.201 high to $2.815 low. However, the main resistance is near the $3.040 level (the previous support area). A successful close above $3.040 and the 55 simple moving average (4-hours) is must for a fresh increase in the near term.
On the downside, the $2.820 and $2.800 levels are important supports. If there is a downside break below the $2.800 pivot level, the price could decline towards the next support near the $2.680 level. Any further losses may push the price towards $2.500.
Looking at the chart, EOS price is clearly trading above a crucial support area near $2.820. Therefore, there could be a short term upside correction, but gains might be contained near the $3.000 and $3.040 levels.
Technical indicators
Hourly MACD – The MACD for EOS/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently correcting higher from the 20 level, but with bearish signs.
Major Support Levels – $2.800 and $2.680.
Major Resistance Levels – $3.000 and $3.040.