EOS Price Analysis: Risk of More Losses Below $0.65 Escalates

• EOS price started a fresh decline after it failed to clear $0.735 against the US Dollar.
• The price is now trading below $0.720 and the 55 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance near $0.710 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 $0.7000 and $0.7200 resistance levels.

EOS price is struggling below $0.700 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.720.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.7850 resistance against the US Dollar. The price traded below the $0.750 and $0.720 levels to move into a bearish zone.

The pair even traded below the $0.650 support. A low has formed near $0.6427, and the price recently attempted a recovery wave. However, the bears were active near $0.7345, and the price started a fresh decline. There was a drop below the $0.720 support.

The price even spiked below the 50% Fib retracement level of the upward move from the $0.6427 swing low to the $0.7344 high. EOS is now trading below $0.700 and the 55 simple moving average (4 hours).

It is facing resistance near the $0.700 zone. The next resistance is near the $0.720 zone. There is also a major bearish trend line forming with resistance near $0.710 on the 4-hour chart of the EOS/USD pair. If there is a recovery wave, the price might struggle near the $0.720 zone. The next resistance is near $0.7350.

A clear move above the $0.7350 level could start a steady increase toward the $0.7650 level. Any more gains might send the price toward the $0.7800 level.

On the downside, immediate support is near $0.680. The next key support is near the $0.6425 level. If there is a downside break below the $0.6425 support, the price could test the $0.6250 support in the near term.

Looking at the chart, EOS price is now trading below the $0.700 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.700 and $0.720 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 – $0.6800 and $0.6425.

Major Resistance Levels – $0.700 and $0.720.