EOS Price At Risk Of More Losses: BTC, ETH, XRP Slides Further

EOS price declined heavily andsettled below the $6.200 and $6.000 support levels. EOS could continue to movedown considering there is an increase in selling pressure on bitcoin, ETH, XRPand litecoin.

Key Talking Points

  • EOS price started a major decline after it brokethe $6.800 support area (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming withresistance near $6.115 on the 4-hours chart.
  • The price is likely to decline further as longas there is no close above $6.000 and $6.200.

EOS Price Analysis

In the past couple of days, there were major downsides in bitcoin, EOS, Ethereum and litecoin against the US Dollar. EOS price broke the key $6.800 support area to enter a bearish zone.

The chart above indicates that EOS price started a major decline from the $7.600 swing high and broke a crucial bullish trend line near $7.200. Later, the price broke the $6.800 support and settled below the 100 simple moving average (4-hours).

During the decline, the price even broke the key $6.000support area and tested the $5.600 zone. A swing low was formed near $5.520 andthe price is currently correcting higher.

There was a break above the $6.000 level and the 50% Fibretracement level of the recent decline from the $6.383 high to $5.520 low. However,the price struggled to clear the $6.100 resistance area.

Moreover, there is a major bearish trend line forming withresistance near $6.115 on the 4-hours chart. The 61.8% Fib retracement level ofthe recent decline from the $6.383 high to $5.520 low is also acting as aresistance.

Therefore, a successful break above the $6.000 and $6.110levels is needed for a fresh recovery. The next major resistance for EOS isnear the $6.350 and $6.400 levels.

Overall, EOS price is clearly trading in a bearish zonebelow the $6.000 and $6.110 levels. As long as there is no proper close above the$6.200 pivot level, there is a risk of more losses below $5.600 and $5.500.

The market data is provided by TradingView.

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