EOS started a downside correction after it failed to clear the .720 level against the US Dollar.The price is currently facing hurdles near .650 and the 55 simple moving average (4-hours).There is a major declining channel forming with resistance near .650 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could either restart its upward move above .650 or decline further towards the .500 support.EOS price is struggling to gain pace above .700 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the .650 resistance zone.EOS Price AnalysisThis past week, EOS price climbed above the .650 resistance against the US Dollar. The price even settled well above the 55 simple moving average (4-hours), but it struggled
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- EOS started a downside correction after it failed to clear the $2.720 level against the US Dollar.
- The price is currently facing hurdles near $2.650 and the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could either restart its upward move above $2.650 or decline further towards the $2.500 support.
EOS price is struggling to gain pace above $2.700 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the $2.650 resistance zone.
EOS Price Analysis
This past week, EOS price climbed above the $2.650 resistance against the US Dollar. The price even settled well above the 55 simple moving average (4-hours), but it struggled to clear the $2.720 level.
A high was formed near $2.722 and the price is currently declining. There was a break below the $2.650 support level and the 55 simple moving average (4-hours). Moreover, there was a break below the 50% Fib retracement level of the upward move from the $2.491 low to $2.722 high.
It is now finding bids near the $2.580 level. The stated support is close to the 61.8% Fib retracement level of the upward move from the $2.491 low to $2.722 high.
On the upside, the price is facing hurdles near $2.650 and the 55 simple moving average (4-hours). There is also a major declining channel forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair. A clear break above the $2.650 resistance level might increase the chances of more gains.
The next major resistance is near the $2.720 level, above which the price might rise sharply towards $2.800. Any further gains could open the doors for a push towards the $2.880 and $2.900 levels.
Conversely, the price could fail to clear the $2.650 resistance. An initial support on the downside is near the channel trend line and $2.580. A downside break below the $2.580 support could lead the price further lower towards the $2.550 level.
EOS Price
Looking at the chart, EOS price is clearly approaching a major breakout with hurdles near $2.650. Overall, the price could either restart its upward move above $2.650 or decline further towards the $2.500 support.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is well below the 50 level.
Major Support Levels – $2.580 and $2.550.
Major Resistance Levels – $2.650 and $2.720.