- EOS price is facing an increase in selling pressure below $3.000 against the US Dollar.
- The price is testing the $2.850 support and it could extend its decline.
- There is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- An upside correction may perhaps face sellers near the $3.000 and $3.200 resistance levels.
EOS price is back in a bearish zone below $3.200 against the US Dollar, similar to bitcoin. It seems like the bears are eyeing more downsides below the $2.850 support area.
EOS Price Analysis
In the past few days, the bears were in complete control, leading EOS below the $3.350 support area against the US Dollar. The price even broke the key $3.200 support level and settled well below the 55 simple moving average (4-hours).
Finally, there was a break below the $3.000 support and the price traded to a new monthly low at $2.844. At the moment, the bulls seem to be defending the key $2.850 support area.
On the upside, an initial resistance is near the $3.080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3.853 high to $2.844 low. Moreover, there is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair.
If there is an upside correction, the bulls might find it difficult to clear the $3.080 resistance. The next key resistance area is near the $3.200 level.
If there are more upsides, the price may perhaps recover towards the $3.350 resistance area. The 50% Fib retracement level of the recent decline from the $3.853 high to $2.844 low is also near the $3.348 level to act as a key hurdle.
Conversely, the price might fail to recover above $3.080 and $3.200. On the downside, an initial support is near the $2.850 level. A successful bearish break below the $2.850 support level could open the doors for another sharp decline. The next major support is near the $2.650 level, followed by the $2.500 pivot level.
Looking at the chart, EOS price is currently trading in a bearish zone below the $3.080 and $3.200 resistance levels. Therefore, if it fails to recover, the bears are likely to aim a test of the $2.650 level in the near term.
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently recovering well below the 40 level.
Major Support Levels – $2.850 and $2.650.
Major Resistance Levels – $3.080 and $3.350.
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Source: Live Bitcoin News