EOS price declined heavily and settled below the $6.200 and $6.000 support levels. EOS could continue to move down considering there is an increase in selling pressure on bitcoin, ETH, XRP and litecoin.
Key Talking Points
- EOS price started a major decline after it broke the $6.800 support area (Data feed of Kraken) against the US Dollar.
- There is a major bearish trend line forming with resistance near $6.115 on the 4-hours chart.
- The price is likely to decline further as long as there is no close above $6.000 and $6.200.
EOS Price Analysis
The chart above indicates that EOS price started a major decline from the $7.600 swing high and broke a crucial bullish trend line near $7.200. Later, the price broke the $6.800 support and settled below the 100 simple moving average (4-hours).
During the decline, the price even broke the key $6.000 support area and tested the $5.600 zone. A swing low was formed near $5.520 and the price is currently correcting higher.
There was a break above the $6.000 level and the 50% Fib retracement level of the recent decline from the $6.383 high to $5.520 low. However, the price struggled to clear the $6.100 resistance area.
Moreover, there is a major bearish trend line forming with resistance near $6.115 on the 4-hours chart. The 61.8% Fib retracement level of the recent decline from the $6.383 high to $5.520 low is also acting as a resistance.
Therefore, a successful break above the $6.000 and $6.110 levels is needed for a fresh recovery. The next major resistance for EOS is near the $6.350 and $6.400 levels.
Overall, EOS price is clearly trading in a bearish zone below the $6.000 and $6.110 levels. As long as there is no proper close above the $6.200 pivot level, there is a risk of more losses below $5.600 and $5.500.
The market data is provided by TradingView.
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