EOS price is slowly recovering and approaching a crucial juncture against the US Dollar, similar to bitcoin. It could either rally above $2.450 or resume its decline towards $2.000.
EOS Price Analysis
EOS price remained in a bearish zone below the $2.500 pivot level and extended its decline against the US Dollar. The price even broke the $2.300 and $2.225 support levels.
A low was formed near $2.182 and the price settled below the 55 simple moving average (4-hours). Recently, there was an upside correction from the $2.182 low and the price recovered above the $2.300 level.
It managed to surpass the 23.6% Fib retracement level of the downward move from the $2.605 high to $2.182 low. However, EOS price is now facing a strong resistance near the $2.400 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the downward move from the $2.605 high to $2.182 low is also acting as a resistance. More importantly, there is a significant bearish trend line forming with resistance near $2.450 on the 4-hours chart of the EOS/USD pair.
Therefore, the price must break the $2.400 and $2.450 resistance levels to start a steady recovery wave. The next immediate resistance is at $2.500, above which the price might rise towards the $2.650 resistance.
Conversely, there is a risk of a fresh decline from the $2.400 resistance or $2.450. An initial support is near the $2.300 level, but the first key support is at $2.225. A close below the $2.225 support might open the doors for a push towards the $2.000 support in the near term.
Looking at the chart, EOS price is clearly approaching a major resistance zone at $2.450. It could either start a strong rally if it clears the key $2.450 resistance zone or resume its decline towards the $2.000 support.
4-hours MACD – The MACD for EOS/USD is currently moving in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now close to the 50 level.
Major Support Levels – $2.225 and $2.180.
Major Resistance Levels – $2.400 and $2.450.
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