EOS Price Analysis: Key Support Intact At $0.55

• EOS price started a downside correction from the $0.588 zone against the US Dollar.
• The price is now trading below $0.575 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.580 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 $0.575 and $0.588 resistance levels.

EOS price is declining below $0.575 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.550.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.55 resistance zone against the US Dollar. The price surpassed the $0.565 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.5889 before the price started a downside correction. The price declined below the $0.575 support zone. There was a drop below the 50% Fib retracement level of the upward move from the $0.5269 swing low to the $0.5889 high.

Besides, there was a break below a key bullish trend line with support near $0.580 on the 4-hour chart of the EOS/USD pair. However, the bulls were active near the $0.550 support.

The price is also stable above the 61.8% Fib retracement level of the upward move from the $0.5269 swing low to the $0.5889 high. The pair is now trading below $0.575 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.550 level.

The next key support is near the $0.527 level. If there is a downside break below the $0.527 support, the price could revisit the $0.50 support.

On the upside, immediate resistance is near the $0.575 level. The first major resistance is near the $0.588 level, above which the price could rise steadily toward the $0.60 level. Any more gains might send the price toward the $0.625 level.

Looking at the chart, EOS price is now trading below the $0.575 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.575 and $0.588 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 – $0.550 and $0.527.

Major Resistance Levels – $0.575 and $0.588.