Crypto Analysis

EOS Price Analysis: Next Bearish Target $1.00

EOS price is under a lot of pressure below the $4.20 support against the US Dollar. EOS/USD is likely to break the $2.00 support level to test the $1.00 handle.

Key Talking Points

  • EOS price settled below the all-important $4.20 support level (Data feed of Kraken) against the US Dollar.
  • There was a failure to clear a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.
  • The pair may continue to move down and it could even trade towards the $1.00 level.

EOS Price Analysis

The past few weeks were super bearish as EOS price settled below the all-important $4.20 support level against the US Dollar. The EOS/USD pair declined sharply and broke the $4.00 and $3.00 support levels.

EOS Price Analysis Chart

The chart above indicates that EOS price earlier formed a decent support near $4.20 and bounced back. It recovered above the $6.00 level and the 23.6% Fib retracement level of the last slide from the $9.37 high to $4.18 low.

However, the upside move was capped by the $6.75 level. The 50% Fib retracement level of the last slide from the $9.37 high to $4.18 low also acted as a hurdle. The price started a fresh decline and finally broke the $4.20 support area.

It declined steadily and settled below the $3.00 level and the 100-day simple moving average. On the upside, there are many hurdles, starting with $2.50 and $3.00. More importantly, there is a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.

If there is an upside correction, the price is likely to face a lot of offers near the $3.00 or $4.00 levels. On the downside, it seems like the price is set for more losses below the $2.00 support.

To sum up, the current technical structure is very bearish for EOS price and it seems like sellers may attempt to push the price towards the $1.00 support area in the near future.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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