EOS Price Analysis: Bulls Facing Uphill Task Near $4.8
EOS price is trading in a bearish zone below $5.00 against the US Dollar, similar to bitcoin. The price could recover as long as it is above the $4.00 level.
EOS Price Analysis
This past week, EOS price saw a major decline from well above the $5.20 resistance zone against the US Dollar. The price declined below the $5.50 support level and the 55 simple moving average (4-hours).
There was also a break below a key bullish trend line with support near $5.30 on the 4-hours chart of the EOS/USD pair. The pair even broke the $4.20 and $4.00 support levels. Finally, there was a spike below the $4.00 level.
The price traded as low as $3.78 before it started an upside correction. There was a recovery wave above the $4.00 and $4.10 levels. There was also a break above the 23.6% Fib retracement level of the recent drop from the $5.50 high to $3.78 low.
However, the price is still trading well below $4.80 and the 55 simple moving average (4-hours). It seems to be facing resistance near the $4.45 level. The next major resistance is near the $4.65 level. It is close to the 50% Fib retracement level of the recent drop from the $5.50 high to $3.78 low.
The main breakout zone could be near $4.80 and the 55 simple moving average (4-hours). To start a fresh increase, the price must settle above the $4.80 level. The next key resistance is near the $5.50 level.
On the downside, the first major support is near the $4.00 level. The main support is now forming near the $3.80 zone. If there is a downside break below the $3.80 support, there could be a move towards the $3.20 support.
Looking at the chart, EOS price is now trading below $5.00 and the 55 simple moving average (4-hours). Overall, the price could recover higher if there is a clear break above the $4.50 and $4.80 resistance levels.
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $4.00 and $3.80.
Major Resistance Levels – $4.65 and $4.80.
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