EOS Price Analysis: Key Support Intact Near But Bearish Signs Emerge
EOS price started a downside correction from the $0.930 resistance against the US Dollar.
The price is now trading near $0.875 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $0.9020 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to move down if it stays below the $0.90 and $0.92 resistance levels.
EOS price is declining from $0.930 against the US Dollar, similar to Bitcoin. The price could accelerate lower if there is a clear move below the $0.875 support.
EOS Price Analysis
This week, EOS price climbed further higher above the $0.86 resistance zone against the US Dollar. The price surpassed the $0.875 level and settled above the 55 simple moving average (4 hours).
A high was formed near $0.930 before the price started a downside correction. The price declined below the $0.90 support to move into a short-term bearish zone. Besides, there was a break below a key bullish trend line with support near $0.902 on the 4-hour chart of the EOS/USD pair.
The pair even tested the 50% Fib retracement level of the upward move from the $0.8170 swing low to the $0.9300 high. It is now trading near $0.875 and the 55 simple moving average (4 hours).
On the downside, immediate support is near the $0.875 level. The next key support is near the $0.86 level. It is near the 61.8% Fib retracement level of the upward move from the $0.8170 swing low to the $0.9300 high. If there is a downside break below the $0.86 support, the price could revisit the $0.82 support.
On the upside, immediate resistance is near the $0.90 level. The first major resistance is near the $0.93 level, above which the price could rise steadily.
The main resistance is still near $0.976. A clear move above the $0.976 level might call for more upsides. In the stated case, it could rise toward the $1.00 level. Any more gains might send the price toward the $1.05 level.
Looking at the chart, EOS price is now trading near the $0.875 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.90 and $0.92 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 – $0.875 and $0.860.
Major Resistance Levels – $0.90 and $0.93.
The post EOS Price Analysis: Key Support Intact Near But Bearish Signs Emerge appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ June 1, 2023 5:08 am