EOS price declined towards the .400 support level before recovering against the US Dollar.The price is trading above .500, but it is facing a major hurdle near .600.There is a key bearish trend line forming with resistance near .620 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could struggle to clear the .600 and .620 resistance levels in the coming sessions.EOS price is holding the .400 support zone against the US Dollar, while bitcoin is rising. It seems like the bulls are likely to face an uphill task near the .600 resistance area.EOS Price AnalysisEOS price followed a bearish path from the .850 resistance zone against the US Dollar. It broke many key supports near the .650 level to move into a bearish zone.The price traded close to the
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- EOS price declined towards the $2.400 support level before recovering against the US Dollar.
- The price is trading above $2.500, but it is facing a major hurdle near $2.600.
- There is a key bearish trend line forming with resistance near $2.620 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could struggle to clear the $2.600 and $2.620 resistance levels in the coming sessions.
EOS price is holding the $2.400 support zone against the US Dollar, while bitcoin is rising. It seems like the bulls are likely to face an uphill task near the $2.600 resistance area.
EOS Price Analysis
EOS price followed a bearish path from the $2.850 resistance zone against the US Dollar. It broke many key supports near the $2.650 level to move into a bearish zone.
The price traded close to the $2.400 support level and settled below the 55 simple moving average (4-hours). A new weekly low is formed near $2.422 and the price recently started a decent upside correction.
It surpassed the 23.6% Fib retracement level of the recent slide from the $2.868 high to $2.422 low. On the upside, an initial resistance or a key hurdle is near the $2.600 level and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $2.620 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent slide from the $2.868 high to $2.422 low.
Therefore, EOS price must clear the $2.600 and $2.620 resistance levels to continue higher. In the mentioned case, the bulls are likely to aim a test of the $2.850 resistance. The next major downtrend resistance is clearly seen near the $3.000 level.
Conversely, there is a risk of another drop if there is no upside break above the $2.600 resistance. An initial support is near the $2.450 level. The main support zone is near $2.400, below which the price might dive towards the $2.225 and $2.200 support levels.
EOS Price
Looking at the chart, EOS price is clearly facing an uphill task near the $2.600 region. It could either start a major increase above $2.600 or resume its decline towards the $2.200 support zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is currently moving slowly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Major Support Levels – $2.400 and $2.200.
Major Resistance Levels – $2.600 and $2.850.