EOS price is trading above a major support near $2.400 against the US Dollar, while bitcoin is correcting lower. The price could surge if it manages to surpass $2.800.
EOS Price Analysis
After a failed attempt to gain bullish momentum, EOS price started a fresh decline from $2.800 against the US Dollar. A high was formed near $2.790 and the price traded below the $2.650 support zone.
There was a break below the $2.600 support and the price settled well below the 55 simple moving average (4-hours). It traded as low as $2.453 and the bulls seem to be protecting the main $2.400 support zone.
The price is currently consolidating losses and trading above $2.450. An initial resistance on the upside is near the $2.600 level. The 50% Fib retracement level of the recent decline from the $2.790 swing high to $2.453 low is also near $2.620 to protect upsides.
There is also a key declining channel forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $2.790 swing high to $2.453 low.
Therefore, the price must clear the $2.620 resistance and the channel resistance to start a steady increase. The next major resistance is near the $2.800 level, above which the price could surge towards the $3.000 and $3.150 levels.
Conversely, the price might find bids near the $2.450 and $2.400 levels. The next major support is near the $2.350 level, below which the price could test the $2.200 zone.
EOS Price
Looking at the chart, EOS price is clearly trading well below $2.800 and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.650 and $2.800 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is correcting higher towards the 40 level.
Major Support Levels – $2.400 and $2.350.
Major Resistance Levels – $2.650 and $2.800.
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