EOS Price Analysis: Bulls Protecting Key Support at $0.70

• EOS price started a downside correction from the $0.808 resistance against the US Dollar.
• The price is now trading below $0.74 and the 55 simple moving average (4 hours).
• There is a key contracting triangle forming with support near $0.715 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move down if it stays below the $0.74 and $0.75 resistance levels.

EOS price is declining from $0.808 against the US Dollar, similar to Bitcoin. The price could accelerate lower if there is a clear move below the $0.70 support.

EOS Price Analysis

This week, EOS price climbed further higher above the $0.75 resistance zone against the US Dollar. The price surpassed the $0.80 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.8072 before the price started a downside correction. The price declined below the $0.765 support to move into a short-term bearish zone. There was a move below the 50% Fib retracement level of the upward move from the $0.6412 swing low to the $0.8072 high.

The pair even tested the 61.8% Fib retracement level of the upward move from the $0.6412 swing low to the $0.8072 high. It is now trading below $0.75 and the 55 simple moving average (4 hours).

On the downside, immediate support is near the $0.705 level. There is also a key contracting triangle forming with support near $0.715 on the 4-hour chart of the EOS/USD pair. The next key support is near the $0.68 level. If there is a downside break below the $0.68 support, the price could revisit the $0.62 support.

On the upside, immediate resistance is near the $0.74 level. The first major resistance is near the $0.75 level, above which the price could rise steadily.

The main resistance is still near $0.808. A clear move above the $0.808 level might call for more upsides. In the stated case, it could rise toward the $0.880 level. Any more gains might send the price toward the $0.925 level.

Looking at the chart, EOS price is now trading below the $0.75 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.74 and $0.75 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 – $0.705 and $0.700.

Major Resistance Levels – $0.740 and $0.808.