EOS rallied sharply above the .500 and .800 resistance levels against the US Dollar.The price traded as high as $.979 before correcting lower sharply towards the 55 simple moving average (4-hours).There is a short-term declining channel forming with resistance near .670 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could either restart its rise above .700 or decline further towards the .500 support.EOS price is trimming gains from the .000 resistance zone against the US Dollar, similar to bitcoin. The price could continue to move down if it fails to stay above .600EOS Price AnalysisRecently, EOS price started a strong upward move above the .500 and .800 resistance levels against the US Dollar. The price even broke the .900 resistance and
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- EOS rallied sharply above the $2.500 and $2.800 resistance levels against the US Dollar.
- The price traded as high as $.979 before correcting lower sharply towards the 55 simple moving average (4-hours).
- There is a short-term declining channel forming with resistance near $2.670 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could either restart its rise above $2.700 or decline further towards the $2.500 support.
EOS price is trimming gains from the $3.000 resistance zone against the US Dollar, similar to bitcoin. The price could continue to move down if it fails to stay above $2.600
EOS Price Analysis
Recently, EOS price started a strong upward move above the $2.500 and $2.800 resistance levels against the US Dollar. The price even broke the $2.900 resistance and settled well above the 55 simple moving average (4-hours).
It traded close to the $3.000 resistance before starting a sharp decline. A high was formed near $2.979 and the price declined heavily below the $2.800 level. There was a break below the 50% Fib retracement level of the recent rally from the $2.491 low to $2.979 high.
The price is now trading near the $2.600 support level. It seems like the 76.4% Fib retracement level of the recent rally from the $2.491 low to $2.979 high is acting as a support.
More importantly, there is a short-term declining channel forming with resistance near $2.670 on the 4-hours chart of the EOS/USD pair. If there is an upside break above the channel resistance and $2.700, the price could start a fresh increase.
The next major resistance is near the $2.800 level, above which it could rally towards the $3.000 resistance zone in the coming sessions. Conversely, the price could fail to clear the $2.700 resistance.
An initial support on the downside is near the channel trend line and $2.600. A downside break below the $2.600 support could lead the price further lower towards the 55 simple moving average (4-hours) at $2.550. The next key support is near the $2.500 level, below which the price may perhaps revisit the $2.420 support.
EOS Price
Looking at the chart, EOS price is clearly under pressure below the $2.700 level, but it is above the 55 simple moving average (4-hours). Overall, the price could either restart its rise above $2.700 or decline further towards the $2.500 support.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is still above the 50 level.
Major Support Levels – $2.600 and $2.500.
Major Resistance Levels – $2.700 and $2.800.