EOS Price Could Decline Towards $4.00 Before Fresh Upside

• EOS price traded towards the $6.00 level and later corrected lower against the US Dollar.
• The price declined heavily and broke the $5.08 and $4.90 support levels recently.
• There is a major bearish trend line in place with resistance at $5.20 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
• The pair remains at a risk of more losses below the $4.50 and $4.40 support levels in the near term.

EOS price started a sharp decline against the US Dollar and bitcoin. The price is currently trading well below $5.00 and it may continue to decline towards the $4.20 or $4.00 support.

EOS Price Analysis

Yesterday, there was a sharp decline in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS surged above the $5.80 and $5.90 resistance levels. The price even spiked above $6.00 before starting a strong downside correction. It broke the $5.50 support level and the 55 simple moving average (4-hours) to start a substantial correction. Later, there was a break below an ascending channel with support at $5.48 on the 4-hours chart.

It opened the doors for more losses and the price declined below the $5.28 and $5.08 support levels. Finally, there was a break below the $4.90 support area and the price recently tested the $4.60 level. A swing low was formed at $4.61 and the price corrected higher. It tested the 23.6% Fib retracement level of the last drop from the $5.49 high to $4.61 low. On the upside, there are many resistances near the $4.90 and $5.08 levels. There is also a major bearish trend line in place with resistance at $5.20 on the same chart of EOS/USD.

Therefore, if there is an upside correction, the price could struggle near $4.92 or $5.08. On the downside, an initial support is near $4.60, below which the price could decline below $4.50. The next major support is at $4.20, where the bulls may take a stand. The final target for sellers could be $4.00 before the price starts a fresh upward move.

Looking at the chart, EOS price is clearly trading in a bearish zone below $5.08 and $5.20. To start a strong upward move, the price must break the $5.20 resistance. However, a successful close above the $5.28 level and the 55 simple moving average (4-hours) will most likely push the price back in a positive zone.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI declined sharply below the 40 and it is currently just near the 25 level.

Major Support Levels – $4.60 and $4.20.

Major Resistance Levels – $5.08 and $5.20.

The post EOS Price Could Decline Towards $4.00 Before Fresh Upside appeared first on Live Bitcoin News.

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