EOS Price Analysis: Risk of Sharp Decline Below $3

  • EOS price started a fresh decline from the $3.50 zone against the US Dollar.
  • The price is now trading below $3.20 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $3.15 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend losses if there is a proper close below the $3.00 support.

EOS price is showing bearish signs below $3.20 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $3.10.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.35 resistance zone against the US Dollar. The price traded below the $3.20 level and the 55 simple moving average (4-hours).

Besides, there was a break below a major bullish trend line with support near $3.15 on the 4-hours chart of the EOS/USD pair. The pair is now trading below $3.20 and the 55 simple moving average (4-hours). The price even spiked below the $3.00 level.

A low is formed near $2.97 and the price is now consolidating losses. An initial resistance on the upside is near the $3.10 level. It is near the 23.6% Fib retracement level of the downward move from the $3.50 swing high to $2.970 low.

The next key resistance is near the $3.24 level. It coincides with the 50% Fib retracement level of the downward move from the $3.50 swing high to $2.970 low. A clear move above the $3.24 level is needed to gain bullish momentum in the near term.

On the downside, the first major support is near the $3.00 level. The main support is now forming near the $2.98 zone, below which there is a risk of a sharp move towards the $2.65 support. Any more losses might call for a move towards the $2.50 level in the near term.

EOS Price

EOS Price

Looking at the chart, EOS price is now trading below $3.20 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a proper close below the $3.00 support.

Technical indicators

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 below the 50 level.

Major Support Levels – $3.00 and $2.98.

Major Resistance Levels – $3.10 and $3.24.

The post EOS Price Analysis: Risk of Sharp Decline Below $3 appeared first on Live Bitcoin News.

Source: Live Bitcoin News