- 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.
As an experienced financial analyst, I’ve closely monitored the EOS price action against the US Dollar, and my assessment is that the trend is bearish at the moment. The recent decline below the $0.9650 resistance level has pushed the price down to trade below $0.820 and the 55 simple moving average (4 hours). This bearish trend is further confirmed by the formation of a major bearish trend line with resistance at $0.7850 on the 4-hour chart.
The EOS currency value hovers around $0.820 versus the US dollar, in contrast to Bitcoin‘s performance. A potential rebound may occur if there’s a noticeable breakthrough above the resistance level of $0.8350.
EOS Price Analysis
Over the last several days, the EOS price experienced a new drop, falling short of the $0.9650 barrier against the US Dollar. Subsequently, the price dipped beneath the $0.920 and $0.850 thresholds, entering a bearish trend.
The duo dipped below the $0.800 mark of support, but eventually, buyers emerged around $0.720. A new low was established at $0.7106, and now the market is trying to rebound. We’ve seen a breakthrough above the resistance levels set at $0.740 and $0.750.
The price dipped to touch the 23.6% Fibonacci retracement mark, which is a significant level of potential support after the decline from $0.9641 peak to $0.7106 low. Currently, EOS hovers below $0.820 and falls short of the 55-hour simple moving average. The cryptocurrency encounters resistance around the $0.780 region.
As a researcher studying the EOS/USD pair on a 4-hour chart, I’ve observed a significant downtrend taking shape, with the trend line displaying resistance around the $0.7850 mark. The subsequent resistance lies in the vicinity of the $0.8350 zone. This level is not far from the 50% Fibonacci retracement level, which represents half of the price correction from the peak at $0.9641 to the trough at $0.7106.
Moving forward, the next barrier of resistance lies around the $0.8650 mark. Breaking above this threshold could trigger a consistent rise in value, potentially pushing it up to the $0.9650 level. Further advancements might even lead the price toward reaching the $1.00 mark.
The price may encounter resistance around $0.740 in the short term. If it falls below the $0.720 mark, there’s a risk that it could dip further down to the $0.6650 support level.
Glancing at the graph, the EOS price currently hovers beneath the $0.820 mark and the 4-hour Simple Moving Average (SMA). If this trend persists, the price may further decrease if it fails to surpass the resistance levels at $0.7850 and $0.820.
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.
Read More
- ACT PREDICTION. ACT cryptocurrency
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- Aphrodite Fanart: Hades’ Most Beautiful Muse Unveiled
- Destiny 2: How Bungie’s Attrition Orbs Are Reshaping Weapon Builds
- Valorant Survey Insights: What Players Really Think
- Why has the smartschoolboy9 Reddit been banned?
- Understanding Shinjiro: The Persona 3 Character Debate
2024-05-02 08:18