EOS Price Analysis: Upsides Could be Limited above $1.15
EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar.
The price is now trading below $1.15 and the 55 simple moving average (4-hours).
There was a break below a key rising channel with support near $1.10 the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to decline if it stays below the $1.12 and $1.15 resistance levels.
EOS price is struggling below $1.15 against the US Dollar, similar to bitcoin. The price might attempt to recover if there is a clear move above $1.12.
EOS Price Analysis
In the past few days, EOS price attempted a recovery wave from the $0.965 zone against the US Dollar. The price climbed above the $1.00 and $1.05 resistance levels.
The bulls were able to push the price above the $1.12 level and the 55 simple moving average (4-hours). The price cleared the 23.6% Fib retracement level of the downward move from the $1.340 swing high to $0.9627 low. However, the bears were active near the $1.15 resistance.
The price started a fresh decline from the $1.15 resistance zone. It failed to clear the 50% Fib retracement level of the downward move from the $1.340 swing high to $0.9627 low.
There was a break below a key rising channel with support near $1.10 the 4-hours chart of the EOS/USD pair. It is now trading below $1.15 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.00.
The next key support is near the $0.965 level. If there is a downside break below the $0.965 support, the price could test the $0.920 support in the near term.
On the upside, an immediate resistance is near the $1.10 level. The first major resistance is near the $1.15 level, above which the price might test the $1.200 level. A clear move above the $1.20 level could start a steady increase towards the $1.25 level. Any more gains might send the price towards the $1.30 level.
Looking at the chart, EOS price is now trading below the $1.15 level and the 55 simple moving average (4-hours). Overall, the price could continue to decline if it stays below the $1.12 and $1.15 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 – $1.00 and $0.965.
Major Resistance Levels – $1.12 and $1.15.
The post EOS Price Analysis: Upsides Could be Limited above $1.15 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 16, 2023 5:08 am