EOS price is facing an increase in selling pressure below .000 against the US Dollar.The price is testing the .850 support and it could extend its decline.There is a key declining channel forming with resistance near .080 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).An upside correction may perhaps face sellers near the .000 and .200 resistance levels.EOS price is back in a bearish zone below .200 against the US Dollar, similar to bitcoin. It seems like the bears are eyeing more downsides below the .850 support area.EOS Price AnalysisIn the past few days, the bears were in complete control, leading EOS below the .350 support area against the US Dollar. The price even broke the key .200 support level and settled well below the 55 simple moving average
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- EOS price is facing an increase in selling pressure below $3.000 against the US Dollar.
- The price is testing the $2.850 support and it could extend its decline.
- There is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- An upside correction may perhaps face sellers near the $3.000 and $3.200 resistance levels.
EOS price is back in a bearish zone below $3.200 against the US Dollar, similar to bitcoin. It seems like the bears are eyeing more downsides below the $2.850 support area.
EOS Price Analysis
In the past few days, the bears were in complete control, leading EOS below the $3.350 support area against the US Dollar. The price even broke the key $3.200 support level and settled well below the 55 simple moving average (4-hours).
Finally, there was a break below the $3.000 support and the price traded to a new monthly low at $2.844. At the moment, the bulls seem to be defending the key $2.850 support area.
On the upside, an initial resistance is near the $3.080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3.853 high to $2.844 low. Moreover, there is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair.
If there is an upside correction, the bulls might find it difficult to clear the $3.080 resistance. The next key resistance area is near the $3.200 level.
If there are more upsides, the price may perhaps recover towards the $3.350 resistance area. The 50% Fib retracement level of the recent decline from the $3.853 high to $2.844 low is also near the $3.348 level to act as a key hurdle.
Conversely, the price might fail to recover above $3.080 and $3.200. On the downside, an initial support is near the $2.850 level. A successful bearish break below the $2.850 support level could open the doors for another sharp decline. The next major support is near the $2.650 level, followed by the $2.500 pivot level.
EOS Price
Looking at the chart, EOS price is currently trading in a bearish zone below the $3.080 and $3.200 resistance levels. Therefore, if it fails to recover, the bears are likely to aim a test of the $2.650 level in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently recovering well below the 40 level.
Major Support Levels – $2.850 and $2.650.
Major Resistance Levels – $3.080 and $3.350.