Price Analysis: EOS Started A fresh Decline, Indicators Suggest Bearish Bias Below $0.72

• EOS price started a fresh decline after it failed to stay above $0.750 against the US Dollar.
• The price is now trading below $0.7350 and the 55 simple moving average (4 hours).
• There is a key 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 $0.7100 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 $0.710.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.7350 resistance against the US Dollar. 

The price traded below the $0.710 and $0.700 levels to move into a bearish zone.

The pair even traded below the $0.6650 support. A low has formed near $0.6427, and the price is now consolidating losses. 

There was a minor increase above the $0.665 resistance zone. It tested the 50% Fib retracement level of the downward move from the $0.7317 swing high to the $0.6427 low.

See Also: Price Analysis: Litecoin (LTC) Started A Fresh Decline, Aim For More Losses Below $60

EOS is now trading below $0.700 and the 55 simple moving average (4 hours). It is facing resistance near the $0.6880 zone. 

The next resistance is near the $0.700 zone or the 61.8% Fib retracement level of the downward move from the $0.7317 swing high to the $0.6427 low.

There is also a key 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 $0.710 zone. The next resistance is near $0.7350. 

A clear move above the $0.7350 level could start a steady increase toward the $0.780 level. Any more gains might send the price toward the $0.820 level.

On the downside, immediate support is near $0.6650. The next key support is near the $0.6420 level. 

If there is a downside break below the $0.6420 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 $0.710 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 – $0.6650 and $0.6420.
• Major Resistance Levels – $0.700 and $0.710.