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EOS Price Analysis: Downside Spike Before Renewed Uptrend

Summary:
EOS price climbed higher recently above the .850 and .00 resistances against the US Dollar.The price is currently correcting gains and declined below the .000 support area.There is a major bullish trend line forming with support near .850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could decline further to test the .650 support area before it starts a fresh increase.EOS price is currently correcting lower against the US Dollar and bitcoin. However, the bulls are likely to protect the .650 and .600 support levels in the near term.EOS Price AnalysisEarlier this week, there was a strong rise in Ethereum, ripple, litecoin and EOS against the US Dollar, while bitcoin struggled to gain traction. EOS price climbed above the .850 resistance area to

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  • EOS price climbed higher recently above the $3.850 and $4.00 resistances against the US Dollar.
  • The price is currently correcting gains and declined below the $4.000 support area.
  • There is a major bullish trend line forming with support near $3.850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could decline further to test the $3.650 support area before it starts a fresh increase.

EOS price is currently correcting lower against the US Dollar and bitcoin. However, the bulls are likely to protect the $3.650 and $3.600 support levels in the near term.

EOS Price Analysis

Earlier this week, there was a strong rise in Ethereum, ripple, litecoin and EOS against the US Dollar, while bitcoin struggled to gain traction. EOS price climbed above the $3.850 resistance area to move into a positive zone. Moreover, there was a break above the $4.000 resistance and the 55 simple moving average (4-hours). Finally, the price spiked above the $4.200 level and recently the price started a downside correction.

There was a break below the $4.100 support and the 50% Fib retracement level of the upward move from the $3.645 low to $4.226 high. The recent decline was such that the price traded below the $4.000 support and the 55 simple moving average (4-hours). At the moment, the price is testing the $3.850 support area. Moreover, the 61.8% Fib retracement level of the upward move from the $3.645 low to $4.226 high is also near the $3.850 level.

More importantly, there is a major bullish trend line forming with support near $3.850 on the 4-hours chart of the EOS/USD pair. Therefore, it won’t be easy for the bears to push the price below the $3.850 support. If they succeed, the price could decline further towards the next key support near the $3.650 level. Any further losses might call for a test of the $3.500 support.

On the upside, an initial resistance is near the $3.950 and $4.000 levels. If there is a fresh increase above the $4.000 resistance, the price could start a strong rise towards the $4.200 level in the near term. The next key resistance levels are near $4.400 and $4.445.

EOS Price Analysis Chart

Looking at the chart, EOS price is clearly approaching a couple of important supports near the $3.850 and $3.650 levels. If there is a downside break below the mentioned supports, the price may even resume its downtrend below $3.500. If not, it could bounce back above $4.000.

Technical indicators

Hourly MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well below the 50 level, with a bearish angle.

Major Support Levels – $3.850 and $3.650.

Major Resistance Levels – $4.000 and $4.200.

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