EOS failed to surpass the .500 zone and corrected lower against the US Dollar. The price is currently trading well below .400 and the 55 simple moving average (4-hours). There is a key contracting triangle forming with resistance near .000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase). The pair could either recover nicely above .000 or it might decline again towards .200. EOS price is consolidating losses below .500 against the US Dollar, while bitcoin is back above K. The price could gain bullish momentum once it clears the .400 resistance zone. EOS Price Analysis There were a couple of attempts by EOS price to clear the .500 resistance against the US Dollar. However, the bulls struggled to gain strength, resulting in a bearish
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- EOS failed to surpass the $5.500 zone and corrected lower against the US Dollar.
- The price is currently trading well below $4.400 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $4.000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could either recover nicely above $4.000 or it might decline again towards $3.200.
EOS price is consolidating losses below $4.500 against the US Dollar, while bitcoin is back above $50K. The price could gain bullish momentum once it clears the $4.400 resistance zone.
EOS Price Analysis
There were a couple of attempts by EOS price to clear the $5.500 resistance against the US Dollar. However, the bulls struggled to gain strength, resulting in a bearish reaction below the $5.000 support.
There was a sharp decline below the $4.500 and $4.400 support levels. The price even broke the $4.000 support and settled well below the 55 simple moving average (4-hours). It traded as low as $3.169 and recently started an upside correction.
There was a break above the $3.500 and $3.600 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $5.474 high to $3.169 low.
It is now consolidating near the $4.000 level. There is also a key contracting triangle forming with resistance near $4.000 on the 4-hours chart of the EOS/USD pair. The next major resistance above the triangle is near the $4.350 and $4.400 levels.
The 50% Fib retracement level of the downward move from the $5.474 high to $3.169 low is also near the $4.320 level to act as a hurdle. A clear break above the $4.350 and $4.400 resistance levels will most likely set the pace for a push towards the $5.000 level. Any more gains might lead the price towards the $5.500 level.
Conversely, there could be another downside correction below the triangle support at $3.700. The next key support is near the $3.500 level. Any more losses could lead the price towards the $3.200 support zone.
EOS Price
Looking at the chart, EOS price is clearly trading well below $4.400 and the 55 simple moving average (4-hours). Overall, the price could either recover nicely above $4.000 or it might decline again towards $3.200.
Technical indicators
4-hours MACD – The MACD for EOS/USD is struggling to gain in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is still below the 50 level.
Major Support Levels – $3.700 and $3.200.
Major Resistance Levels – $4.400 and $5.000.