EOS price failed to stay above .000 and declined heavily below .400 against the US Dollar.The price even dipped below the .000 support area and tested the .650 level.There was a break below an ascending channel or a bearish flag with support near .400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could struggle to recover above .200 and .400 in the near term.EOS price is showing signs of more weakness below .000 against the US Dollar, similar to bitcoin. If there is a clear close below .800, the price could retest .200.EOS Price AnalysisAfter a couple of failed attempts near the .500 area, EOS started a steady decline against the US Dollar. The bulls failed to protect the .000 support area and the 55 simple moving average (4-hours).As a
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- EOS price failed to stay above $5.000 and declined heavily below $4.400 against the US Dollar.
- The price even dipped below the $4.000 support area and tested the $3.650 level.
- There was a break below an ascending channel or a bearish flag with support near $4.400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could struggle to recover above $4.200 and $4.400 in the near term.
EOS price is showing signs of more weakness below $4.000 against the US Dollar, similar to bitcoin. If there is a clear close below $3.800, the price could retest $3.200.
EOS Price Analysis
After a couple of failed attempts near the $5.500 area, EOS started a steady decline against the US Dollar. The bulls failed to protect the $5.000 support area and the 55 simple moving average (4-hours).
As a result, there was a sharp decline below the $4.400 and $4.200 support levels. The price even dipped below the $4.000 support area before it found support near the $3.650 level.
Moreover, there was a break below an ascending channel or a bearish flag with support near $4.400 on the 4-hours chart of the EOS/USD pair. A swing low is formed near $3.649 and the price is currently correcting higher.
There was a break above the 23.6% Fib retracement level of the recent decline from the $4.665 high to $3.649 low. However, there are many hurdles on the upside near the $4.070 and $4.150 levels.
The first key resistance is near the $4.150 and the 50% Fib retracement level of the recent decline from the $4.665 high to $3.649 low. Still, EOS price must move above the $4.200 pivot area to start a decent recovery.
The next major hurdle is near the $4.400 area, above which the bulls are likely to aim a test of the $5.000 resistance area. Conversely, there is a risk of more losses in the coming sessions below $4.000.
An initial support is near the $3.800 level, followed by the $3.650 support. If the price fails to stay above $3.650, there could be a sharp decline towards the $3.200 level.
EOS Price
Looking at the chart, EOS price is currently correcting higher towards $4.200. If it fails to gain strength above $4.200 and $4.400, there are chances of a downside extension below $3.650.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly moving back into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently near the 30 level.
Major Support Levels – $3.800 and $3.650.
Major Resistance Levels – $4.200 and $4.400.