- EOS price started a downside correction from the $1.1060 zone against the US Dollar.
- The price is now trading above $1.050 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $1.050 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $1.1060 and $1.150 resistance levels.
EOS price is declining below $1.1050 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $1.00.
EOS Price Analysis
Earlier this month, EOS price climbed higher above the $1.00 resistance zone against the US Dollar. The price surpassed the $1.10 level and settled above the 55 simple moving average (4 hours).
A high was formed near $1.1061 before the price started a downside correction. The price declined below the $1.100 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.8800 swing low to the $1.1061 high.
However, the bulls were active near the $1.050 support. There is also a key bullish trend line forming with support near $1.050 on the 4-hour chart of the EOS/USD pair.
It is now trading above $1.050 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $1.1060 level. The first major resistance is near the $1.150 level, above which the price could rise steadily toward the $1.20 level. Any more gains might send the price toward the $1.250 level.
On the downside, immediate support is near the $1.050 level. The next key support is near the $1.00 level and the 50% Fib retracement level of the upward move from the $0.8800 swing low to the $1.1061 high. If there is a downside break below the $1.00 support, the price could revisit the $0.880 support.
Looking at the chart, EOS price is now trading above the $1.020 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $1.050 and $1.00 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $1.050 and $1.00.
Major Resistance Levels – $1.1060 and $1.150.
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- Source: https://www.livebitcoinnews.com/eos-price-analysis-more-gains-likely-above-1-105/
