EOS price is down more than 10% and it broke the key $3.040 support area against the US Dollar.
The price even traded below the $3.000 support area and tested the $2.820 support zone.
There was a break below a major bullish trend line with support near $3.110 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair remains at a risk of more losses if there is a close below the $2.800 pivot level.
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EOS price is showing bearish signs against the US Dollar and bitcoin. The price could recover, but it must settle above $3.040 and $3.050 to turn positive once again.
EOS Price Analysis
This week, there was a fresh decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price tested the $3.200 resistance area, where sellers prevented gains. A swing high was formed near $3.201 and the price recently declined heavily. There was a break below the key $3.100 and $3.040 support levels. Moreover, there was a close below $3.040 and the 55 simple moving average (4-hours).
Besides, there was a break below a major bullish trend line with support near $3.110 on the 4-hours chart of the EOS/USD pair. The pair even declined below $3.000 and $2.950. Finally, it tested the key $2.820 support area. A low was formed near $2.815 and the price is currently consolidating losses. At the moment, the price is trading near the 23.6% Fib retracement level of the recent decline from the $3.201 high to $2.815 low.
The first major resistance is near the $3.000 level. It coincides with the 50% Fib retracement level of the recent decline from the $3.201 high to $2.815 low. However, the main resistance is near the $3.040 level (the previous support area). A successful close above $3.040 and the 55 simple moving average (4-hours) is must for a fresh increase in the near term.
On the downside, the $2.820 and $2.800 levels are important supports. If there is a downside break below the $2.800 pivot level, the price could decline towards the next support near the $2.680 level. Any further losses may push the price towards $2.500.
Looking at the chart, EOS price is clearly trading above a crucial support area near $2.820. Therefore, there could be a short term upside correction, but gains might be contained near the $3.000 and $3.040 levels.
Hourly MACD – The MACD for EOS/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently correcting higher from the 20 level, but with bearish signs.
Major Support Levels – $2.800 and $2.680.
Major Resistance Levels – $3.000 and $3.040.
The post EOS Price Analysis: Key Support Nearby But Bias Turned Bearish appeared first on Live Bitcoin News.
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