Bulls Face Uphill Task Near $1.05 –

• EOS price is facing resistance near $1.05 and $1.10 against the US Dollar.
• The price is now trading below $1.10 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could extend its decline if it stays below the $1.10 resistance zone in the near term.

EOS price is struggling below $1.20 against the US Dollar, similar to bitcoin. The price must stay above the $0.90 support zone to avoid more losses.

EOS Price Analysis

This week, EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar. The price traded below the $1.10 support zone to move into a bearish zone.

There was a move below the $1.05 level and the 55 simple moving average (4-hours). It even declined below the $1.00 level before the bulls appeared near $0.90. A low is formed near $0.85 and the price is now correcting higher.

There was a break above the $0.90 and $0.95 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1.340 swing high to $0.850 low.

However, the bears defended the $1.02 resistance. There is also a major bearish trend line forming with resistance near $1.05 on the 4-hours chart of the EOS/USD pair. The first major resistance is near the $1.05 level. The next major resistance sits near the $1.10 level.

The 50% Fib retracement level of the downward move from the $1.340 swing high to $0.850 low is also near $1.10 and the 55 simple moving average (4-hours).

To start a fresh increase, the price must clear $1.05 and $1.10. On the downside, an immediate support is near the $0.965 level. The next key support is near the $0.90 level. If there is a downside break below the $0.90 support, the price could continue to move down towards the $0.85 level in the near term.

Looking at the chart, EOS price is now trading below the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could extend its decline if it stays below the $1.10 resistance zone in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $0.965 and $0.900.

Major Resistance Levels – $1.05 and $1.10.

Tags: EOS