EOS Price Analysis: Bears Aim Larger Drop Below $0.72

• EOS price started a fresh decline after it failed to clear $0.9650 against the US Dollar.
• The price is now trading below $0.820 and the 55 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance at $0.7850 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to decline if it stays below the $0.7850 and $0.80 resistance levels.

EOS price is struggling below $0.820 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.8350.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.9650 resistance against the US Dollar. The price traded below the $0.920 and $0.850 levels to move into a bearish zone.

The pair even declined below the $0.800 support zone. Finally, the bulls appeared near the $0.720 zone. A low was formed near $0.7106 and the price is now attempting a recovery wave. There was a move above the $0.740 and $0.750 resistance levels.

The price tested the 23.6% Fib retracement level of the downward move from the $0.9641 swing high to the $0.7106 low. EOS is now trading below $0.820 and the 55 simple moving average (4 hours). It is facing resistance near the $0.780 zone.

There is also a major bearish trend line forming with resistance at $0.7850 on the 4-hour chart of the EOS/USD pair. The next resistance is near the $0.8350 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9641 swing high to the $0.7106 low.

The next resistance is near the $0.8650 zone. A clear move above the $0.8650 level could start a steady increase toward the $0.9650 level. Any more gains might send the price toward the $1.00 level.

On the downside, immediate support is near $0.740. The next key support is near the $0.720 level. If there is a downside break below the $0.720 support, the price could test the $0.6650 support in the near term.

Looking at the chart, EOS price is now trading below the $0.820 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.7850 and $0.820 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.720 and $0.6650.

Major Resistance Levels – $0.7850 and $0.8350.

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