EOS Price Analysis: Risk of Downside Thrust Toward $0.50 Still Exist

• EOS price remained in a bearish zone and declined below the $0.550 zone against the US Dollar.
• The price is now trading below $0.545 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.5475 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 $0.525 and $0.520 resistance levels.

EOS price is struggling below $0.540 against the US Dollar, like Bitcoin. The price might attempt to recover if there is a clear move above $0.542.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.575 resistance against the US Dollar. The price traded below the $0.565 and $0.550 levels to move into a bearish zone.

The pair even traded below the $0.532 support. There was a break below a key bullish trend line with support near $0.5475 on the 4-hour chart of the EOS/USD pair. A low has formed near $0.5244 and the price is now consolidating losses.

If there is a recovery wave, the price might struggle near the $0.535 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.5745 swing high to the $0.5244 low.

EOS is trading well below $0.545 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 $0.550 level. It is near the 50% Fib retracement level of the downward move from the $0.5745 swing high to the $0.5244 low.

The next resistance is near $0.575. A clear move above the $0.575 level could start a steady increase toward the $0.600 level. Any more gains might send the price toward the $0.620 level.

On the downside, immediate support is near $0.525. The next key support is near the $0.5120 level. If there is a downside break below the $0.500 support, the price could test the $0.4850 support in the near term.

Looking at the chart, EOS price is now trading below the $0.535 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.5420 and $0.550 resistance levels.

Technical indicators

4 hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $0.525 and $0.500.

Major Resistance Levels – $0.550 and $0.575.

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