EOS Price Analysis: Risk of More Losses Below $0.8
EOS price is struggling below $0.95 against the US Dollar, similar to bitcoin. The price remains at a risk of more losses below the $0.80 support.
EOS Price Analysis
Earlier this month, EOS price started a fresh decline below the $1.10 zone against the US Dollar. The price traded below the $0.95 and $0.92 levels to enter a bearish zone.
The pair accelerated lower below the $0.90 support zone and settled well below the 55 simple moving average (4-hours). It traded as low as $0.7901 and is currently correcting losses. There was a minor move above the $0.850 resistance zone.
The price even climbed above the 23.6% Fib retracement level of the downward move from the $1.218 swing high to $0.7901 low. However, the price is still trading below $0.95 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.905 level. There is also a major bearish trend line forming with resistance near $0.905 the 4-hours chart of the EOS/USD pair. The first major resistance is near the $0.950 level.
The next major resistance is near $1.00 or the 50% Fib retracement level of the downward move from the $1.218 swing high to $0.7901 low, above which the price might test the $1.05 level.
Any more gains might send the price towards the $1.10 level. On the downside, an immediate support is near the $0.850. The next key support is near the $0.800 level. If there is a downside break below the $0.800 support, the price could test the $0.750 support in the near term.
Looking at the chart, EOS price is now trading below the $0.950 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.92 and $0.95 resistance levels.
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 well below the 50 level.
Major Support Levels – $0.85 and $0.800.
Major Resistance Levels – $0.920 and $0.950.
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