• EOS price is struggling below $1.15 against the US Dollar, similar to Bitcoin.
• The price could continue to decline if it stays below the $1.12 and $1.15 resistance levels.
• On the upside, an immediate resistance is near the $1.10 level and a clear move above the $1.20 level could start a steady increase towards the $1.25 level.
EOS Price Analysis
EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar after attempting a recovery wave from the $0.965 zone earlier in the week. The bears were active near the $1.15 resistance and there was a break below a key rising channel with support near $1.10 on 4-hours chart of EOS/USD pair (data feed from Coinbase).
On the downside, an immediate support is near the $1.00 for EOS price and next key support is near at around $0.965 level which may need to be breached before further declines can be seen in this cryptocurrency pair’s value in relation to USD . If there is a downside break below this support, then it could test at least as low as at 0.$920 support in coming days or weeks ahead . On upside, an immediate resistance is near at around 1$.10 level while first major resistance can be seen close to 1$.15 mark which needs to be cleared for further uptrends to come into play here . A clear move above 1$.20 may cause starting of steady increase towards 1$25 levels in this crypto pair’s value against US Dollars . Any more gains may help propel its value up even more towards 1$30 levels possibly in near future .
The 4-hours MACD for EOS/USD pair is gaining pace in bearish zone while RSI (Relative Strength Index) has dropped down now below 50 marks indicating that current bearish trend may continue further if bulls fail to gain control over market sentiments any time soon .
Overall , according to current technical analysis , EOS price might attempt downswing again and stay below 1$.12 – 1$.15 resistances if no sudden bullish momentum comes into play here anytime soon . However , any positive moves above 1$20 will likely lead way for more bullish trends with potential targets set at around 25 – 30$ values possibly sometime soon considering all relevant market factors correctly here among investors & traders alike ..
In conclusion , it seems that current downtrend might continue if bulls fail to gain control over market sentiments anytime soon but any positive moves above mentioned resistances will likely lead way for more bullish trends targeting higher ranges eventually ..