EOS failed to clear the .600 resistance and started a fresh decline against the US Dollar.The price declined below the key .200 support and the 55 simple moving average (4-hours).There was a break below a major ascending channel with support near .300 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could extend its decline if the bears are able to clear the main .000 support zone.EOS price is gaining bearish momentum below .200 against the US Dollar, similar to bitcoin. The price is currently testing a significant support at .000, below which it could slide sharply.EOS Price AnalysisEOS price failed again to clear the .550 and .600 resistance levels against the US Dollar. As a result, there was a sharp decline below the .400 support level from
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- EOS failed to clear the $3.600 resistance and started a fresh decline against the US Dollar.
- The price declined below the key $3.200 support and the 55 simple moving average (4-hours).
- There was a break below a major ascending channel with support near $3.300 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend its decline if the bears are able to clear the main $3.000 support zone.
EOS price is gaining bearish momentum below $3.200 against the US Dollar, similar to bitcoin. The price is currently testing a significant support at $3.000, below which it could slide sharply.
EOS Price Analysis
EOS price failed again to clear the $3.550 and $3.600 resistance levels against the US Dollar. As a result, there was a sharp decline below the $3.400 support level from the $3.561 swing high.
During the decline, there was a break below a major ascending channel with support near $3.300 on the 4-hours chart of the EOS/USD pair. The pair even declined below the key $3.200 support and the 55 simple moving average (4-hours).
It opened the doors for more losses and the price even spiked below the $3.000 support. A low is formed near $2.897 and the price is currently consolidating above the $3.000 support.
It recovered above the $3.050 level, plus the 23.6% Fib retracement level of the recent drop from the $3.561 high to $2.897 low. However, it is facing hurdles near the $3.100 level. An initial resistance is near the $3.150 level and the 55 simple moving average (4-hours).
The main resistance is now near the $3.200 level (the breakdown zone). It is close to the 50% Fib retracement level of the recent drop from the $3.561 high to $2.897 low.
Therefore, an upside break above the 55 simple moving average (4-hours) and the $3.200 level is must to start a fresh upward move in the near term. Conversely, the price might continue to move down below the $3.000 support.
The next key support is near the $2.900 level, below which the price may perhaps start a sustained downward move towards the $2.650 and $2.500 levels.
EOS Price
Looking at the chart, EOS price is clearly trading near a major support zone at $3.000. Therefore, the price could extend its decline if the bears are able to clear the main $3.000 support zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Levels – $3.000 and $2.900.
Major Resistance Levels – $3.150 and $3.200.