EOS Price Analysis: Key Support Nearby At $1.20

EOS price started a recovery wave from the $1.05 zone against the US Dollar.
The price is now trading below $1.40 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $1.330 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could extend its decline if it trades below the $1.20 support zone in the near term.

EOS price is struggling below $1.40 against the US Dollar, similar to bitcoin. The price must stay above the $1.20 support zone to avoid more losses.
EOS Price Analysis
This week, EOS price attempted a recovery wave above the $1.20 level against the US Dollar. Earlier, the price formed a base above the $1.05 level and started a recovery wave.
There was a break above the $1.10 and $1.20 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $1.820 swing high to $1.060 low. There was a spike above the $1.40 resistance and the 55 simple moving average (4-hours).
However, the bears defended the $1.45 resistance. The price faced sellers near the 50% Fib retracement level of the key decline from the $1.820 swing high to $1.060 low.
EOS is now trading below $1.40 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.22 level. The next key support is near the $1.20 level. If there is a downside break below the $1.20 support, the price could continue to move down towards the $1.05 level in the near term.
On the upside, there is a major bearish trend line forming with resistance near $1.330 on the 4-hours chart of the EOS/USD pair. The first major resistance is near the $1.45 level.
To start a fresh increase, the price must clear $1.40 and $1.45. In the stated case, the price could rise towards $1.65. The next key resistance could be $1.80.
EOS Price
Looking at the chart, EOS price is now trading below the $1.40 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline if it trades below the $1.20 support zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $1.22 and $1.20.
Major Resistance Levels – $1.40 and $1.45.

Tags: EOS