EOS Price Analysis: Bulls Facing Uphill Task Near $4.40

  • EOS price extended its decline and traded below $3.80 against the US Dollar.
  • The price is now trading well below $4.00 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3.95 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a decent increase if it clears the $4.40 and $4.50 resistance levels.

EOS price is trading in a bearish zone below $4.00 against the US Dollar, similar to bitcoin. The price could recover if it manages to clear the $4.40 resistance.

EOS Price Analysis

This past week, EOS price saw a major decline from well above the $5.00 resistance zone against the US Dollar. The price declined below the $4.50 support level and the 55 simple moving average (4-hours).

There was also a break below the $4.20 and $4.00 support levels. Finally, there was a spike below the $3.80 level. The price traded as low as $3.63 before it started an upside correction. There was a recovery wave above the $3.80 and $3.90 levels.

An immediate resistance is near the $3.95 level. There is also a major bearish trend line forming with resistance near $3.95 on the 4-hours chart of the EOS/USD pair.

The first key resistance is near the $4.00 level and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the key decline from the $5.50 high to $3.63 low. A close above the $4.00 level could open the doors for a steady increase.

The main breakout zone could be near $4.40 and $4.50. To start a fresh increase, the price must settle above the $4.50 level. The next key resistance is near the $5.10 level.

On the downside, the first major support is near the $3.80 level. The main support is now forming near the $3.65 zone. If there is a downside break below the $3.65 support, there could be a move towards the $3.10 support.

EOS Price

EOS Price

Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $4.40 and $4.50 resistance levels.

Technical indicators

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 near the 50 level.

Major Support Levels – $3.80 and $3.65.

Major Resistance Levels – $4.00 and $4.40.

The post EOS Price Analysis: Bulls Facing Uphill Task Near $4.40 appeared first on Live Bitcoin News.

Source: Live Bitcoin News