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EOS Price Analysis: Bears In Control Below $3

Date:

  • EOS price started a fresh decline from the $3.30 zone against the US Dollar.
  • The price is now trading below $3.00 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $3.10 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend losses if there is a clear break below the $2.75 support.

EOS price is showing bearish signs below $3.00 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $3.00.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.30 resistance zone against the US Dollar. The price traded below the $3.00 level and the 55 simple moving average (4-hours).

The pair is now trading below $3.00 and the 55 simple moving average (4-hours). The price even spiked below the $2.85 level. A low is formed near $2.78 and the price is now consolidating losses. An initial resistance on the upside is near the $2.90 level. It is near the 23.6% Fib retracement level of the downward move from the $3.28 swing high to $2.780 low.

The next key resistance is near the $3.00 level. It coincides with the 50% Fib retracement level of the downward move from the $3.28 swing high to $2.780 low.

Besides, there is a key bearish trend line forming with resistance near $3.10 on the 4-hours chart of the EOS/USD pair. A clear move above the $3.10 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.30.

On the downside, the first major support is near the $2.82 level. The main support is now forming near the $2.75 zone, below which there is a risk of a sharp move towards the $2.50 support. Any more losses might call for a move towards the $2.20 level in the near term.

EOS Price

EOS Price

Looking at the chart, EOS price is now trading below $3.00 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear break below the $2.75 support.

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 now below the 30 level.

Major Support Levels – $2.75 and $2.50.

Major Resistance Levels – $3.00 and $3.10.

The post EOS Price Analysis: Bears In Control Below $3 appeared first on Live Bitcoin News.

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Source: https://www.livebitcoinnews.com/eos-price-analysis-bears-in-control-below-3/

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