• EOS price started a fresh decline from the $1.15 resistance zone against the US Dollar.
• The bears were active near the $1.15 resistance and failed to clear the 50% Fib retracement level of the downward move from the $1.340 swing high to $0.9627 low.
• There was a break below a key rising channel with support near $1.10 in 4-hours chart of the EOS/USD pair, pushing it below the 55 simple moving average (4-hours).
EOS Price Analysis
The EOS price has started a fresh decline from the resistance zone of $1.15 against US Dollar and has gone past its 55 simple moving average (4-hours). The bears have been active near the resistance of $1.15 and have failed to clear the 50% Fib retracement level of its downward move from swing high at $1.340 to its low at $0.9627 in 4-hours chart of EOS/USD pair, resulting in a break below a key rising channel with support near $1.10 mark pushing it below this simple moving average (4-hours).
On downside, there is an immediate support at around $1 mark followed by another one at around 0.965 mark for EOS price if it breaks below current levels which will result into further decline towards 0 920 mark as well.
On upside, there is an immediate resistance at around 1 10 mark followed by another one at around 1 15 mark for EOS price if it moves up above current levels which will result into further rise towards 1 200 mark as well and then possibly towards 1 25 or even 1 30 marks if more gains are made in that direction by buyers.
The MACD indicator for EOS/USD is gaining pace in bearish zone while RSI is now under 50 level pointing down downwards direction for prices to follow shortly if no buying momentum is seen soon enough for bulls to take control over market again on short term basis .
Overall, considering all technical indicators mentioned above ,EOS price could continue to decline if it stays below resistance levels of 1 12 and 1 15 respectively until some new buying momentum takes place for bulls again resulting into uptrends as per expectations .