EOS Price Analysis: Bears Aim Drop To $0.50, Buy Dips?

• EOS price started a fresh decline below the $0.558 zone against the US Dollar.
• The price is now trading below $0.550 and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $0.5450 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 $0.545 and $0.550 resistance levels.

EOS price is struggling below $0.550 against the US Dollar, like Bitcoin. The price might attempt to recover if there is a clear move above $0.558.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.622 resistance against the US Dollar. The price traded below the $0.600 and $0.585 levels to move into a bearish zone.

The pair even traded below the $0.558 support. A low has formed near $0.5288 and the price is now consolidating losses. If there is a recovery wave, the price might struggle near the $0.545 zone. There is also a key bearish trend line forming with resistance near $0.5450 on the 4-hour chart of the EOS/USD pair.

EOS is trading well below $0.550 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.5420 level. The first major resistance is near the $0.545 level and the trend line.

The trend line is near the 23.6% Fib retracement level of the downward move from the $0.6212 swing high to the $0.5288 low. The next resistance is near $0.558. A clear move above the $0.558 level could start a steady increase toward the $0.575 level.

The next major resistance might be $0.585 or the 61.8% Fib retracement level of the downward move from the $0.6212 swing high to the $0.5288 low. Any more gains might send the price toward the $0.620 level.

On the downside, immediate support is near $0.528. The next key support is near the $0.5120 level. If there is a downside break below the $0.5150 support, the price could test the $0.500 support in the near term.

Looking at the chart, EOS price is now trading below the $0.550 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.550 and $0.558 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 – $0.528 and $0.500.

Major Resistance Levels – $0.550 and $0.558.

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