EOS Price Analysis: Bears In Action Below $4

  • EOS price started a fresh decline from the $4.15 resistance against the US Dollar.
  • The price is now trading below $4.00 and the 55 simple moving average (4-hours).
  • Earlier, there was a break above a major bearish trend line with resistance near $4.00 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move down below the $3.85 and $3.80 support levels.

EOS price is showing bearish signs below $4.00 against the US Dollar, similar to bitcoin. The price could decline further if there is a clear break below $3.85.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $4.20 resistance zone against the US Dollar. The price even traded below the $4.00 level and the 55 simple moving average (4-hours).

The price even spiked below $3.85 and traded as low as $3.66. Recently, there was an upside correction above the $3.90 and $4.00 levels. The price climbed above the 50% Fib retracement level of the downward move from the $4.33 swing high to $3.66 low.

Besides, there was a break above a major bearish trend line with resistance near $4.00 on the 4-hours chart of the EOS/USD pair. However, the pair struggled to clear the $4.15 resistance.

The 76.4% Fib retracement level of the downward move from the $4.33 swing high to $3.66 low also acted as a resistance. The price is now trading below $4.00 and the 55 simple moving average (4-hours). On the downside, the first major support is near the $3.85 level.

The main support is now forming near the $3.65 zone. If there is a downside break below the $3.65 support, there could be a move towards the $3.20 support.

On the upside, the first key resistance is near the $4.00 level and the 55 simple moving average (4-hours). A close above the $4.00 level could open the doors for a steady increase. In the stated case, the price could rise towards the $4.20 level. The next key resistance is near the $4.35 level.

EOS Price

Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price could continue to move down below the $3.85 and $3.80 support levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $3.85 and $3.65.

Major Resistance Levels – $4.00 and $4.20.

The post EOS Price Analysis: Bears In Action Below $4 appeared first on Live Bitcoin News.

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