EOS Price Analysis: Risk of More Losses Below $0.83

EOS Price Analysis

EOS Price Analysis: Risk of More Losses Below $0.83

EOS price is still facing selling pressure below the $0.90 support against the US Dollar.
The price is now trading below $0.88 and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $0.880 the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to decline if it stays below the $0.88 and $0.900 resistance levels.

EOS price is struggling below $0.90 against the US Dollar, similar to bitcoin. The price might attempt to recover if there is a clear move above $0.90.
EOS Price Analysis
Earlier this month, EOS price saw a major drop below the $1.00 zone against the US Dollar. The price traded below the $0.945 and $0.912 levels to enter a bearish zone.
The pair accelerated lower below the $0.90 support zone and settled well below the 55 simple moving average (4-hours). It traded as low as $0.8306 and recently started a consolidation phase. There was a minor increase above the $0.845 resistance zone.
The price even spiked above the 23.6% Fib retracement level of the main decline from the $1.067 swing high to $0.8306 low. However, the price is still facing hurdles near $0.90 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.88 level. There is also a key bearish trend line forming with resistance near $0.880 the 4-hours chart of the EOS/USD pair. The first major resistance is near the $0.90 level, above which the price might test the $0.950 level.
The 50% Fib retracement level of the main decline from the $1.067 swing high to $0.8306 low is also near $0.95. Any more gains might send the price towards the $1.00 level.
On the downside, an immediate support is near the $0.850. The next key support is near the $0.835 level. If there is a downside break below the $0.835 support, the price could test the $0.80 support in the near term.
EOS Price
Looking at the chart, EOS price is now trading below the $0.88 level and the 55 simple moving average (4-hours). Overall, the price could continue to decline if it stays below the $0.88 and $0.900 resistance levels.
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 – $0.84 and $0.830.
Major Resistance Levels – $0.880 and $0.90.

Tags: EOS

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