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EOS Price Analysis: Signs of Bearish Continuation

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  • EOS price is down more than 8% today and it broke the key $2.700 support area against the US Dollar.
  • The price traded close to the $2.500 support area and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $2.850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could resume its decline as long as it is trading below the $2.800 pivot area.

EOS price is back in a bearish zone against the US Dollar and bitcoin. The price remains at a risk of more losses as long as the price is below $2.800 and $3.000.

EOS Price Analysis

The last few sessions saw a strong decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price struggled to hold gains above the $3.000 pivot level and started a fresh decline.

The price broke a few important supports near $2.900 and the 55 simple moving average (4-hours) to move into a bearish zone. Moreover, there was a break below the key $2.700 support area, opening the doors for more downsides in the near term.

Finally, the price broke the $2.650 support area and traded towards the $2.500 area. A new monthly low was formed near $2.535 and the price is currently correcting higher.

There was a recovery above the $2.650 level, plus the 23.6% Fib retracement level of the recent decline from the $3.0.31 high to $2.535 low. However, the previous support near the $2.700 and $2.720 levels are preventing an upward move.

On the upside, the next key resistance is near the $2.800 level. Additionally, the 50% Fib retracement level of the recent decline from the $3.0.31 high to $2.535 low might act as a resistance near the $2.780 area.

To start a fresh upward move, the price must settle above the $2.900 area and the 55 simple moving average (4-hours). More importantly, there is a major bearish trend line forming with resistance near $2.850 on the 4-hours chart of the EOS/USD pair.

If there is no rebound above the $2.700 and $2.850 levels, the price is likely to resume its decline. An immediate support is near the $2.600 level. The main support is near the $2.500 level, below which it could slide towards $2.200.

EOS Price

EOS Price

Looking at the chart, EOS price is correcting losses, but it is facing hurdles near the $2.750 and $2.850 levels. If there is no rebound above the $2.750 and $2.850 levels, the price is likely to resume its decline. An immediate support is near the $2.600 level. The main support is near the $2.500 level, below which it could slide towards $2.200.

Technical indicators

Hourly MACD – The MACD for EOS/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently correcting higher towards the 40 level.

Major Support Levels – $2.600 and $2.500.

Major Resistance Levels – $2.750 and $2.850.

The post EOS Price Analysis: Signs of Bearish Continuation appeared first on Live Bitcoin News.

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