EOS Price Analysis: More Losses Possible Below $1.20

EOS Price Analysis

EOS Price Analysis: More Losses Possible Below $1.20

EOS price started a fresh decline from the $1.80 resistance against the US Dollar.
The price is now trading below $1.5 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $1.60 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could extend its decline below the $1.20 support zone in the near term.

EOS price is gaining pace 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 extended decline below the $1.80 support against the US Dollar. The price declined below the $1.75 support level to move further into a bearish zone.
There was a clear move below the $1.50 level and the 55 simple moving average (4-hours). Finally, the price broke the $1.25 level and traded as low as $1.230. It is now consolidating and showing a lot of bearish signs below the $1.30 level.
On the downside, an immediate support is near the $1.20 level. The next key support is near the $1.12 level. If there is a downside break below the $1.12 support, the price could continue to move down towards the $1.00 level in the near term.
If there is an upside correction, the price might face resistance near the $1.38 level. It is near the 23.6% Fib retracement level of the recent decline from the $1.820 swing high to $1.230 low.
The first major resistance is near the $1.50 level. There is also a major bearish trend line forming with resistance near $1.60 on the 4-hours chart of the EOS/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $1.820 swing high to $1.230 low.
To start a fresh increase, the price must clear $1.50 and $1.60. In the stated case, the price could rise towards $1.80. The next key resistance could be $1.88.
EOS Price
Looking at the chart, EOS price is now trading below the $1.50 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline below the $1.20 support zone in the near term.
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 in the oversold region.
Major Support Levels – $1.20 and $1.12.
Major Resistance Levels – $1.50 and $1.60.

Tags: EOS

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