Crypto Analysis

EOS Price Analysis: Uptrend Intact, Buying Dips Favored

EOS Price Analysis Chart

EOS price started a sharp downside correction from the $4.40 high against the US Dollar. However, EOS is still above key supports and it could bounce back versus the USD, BTC and ETH.

Key Talking Points

  • EOS price declined below the $4.00 and $3.80 support levels recently (Data feed of Kraken) against the US Dollar.
  • There is a major connecting bullish trend line formed with support at $3.35 on the 4-hours chart.
  • The price remains supported on dips and it could bounce back above $3.60 and $3.80.

EOS Price Analysis

After a solid upward move, bitcoin, ripple, EOS and other cryptocurrencies faced sellers against the US Dollar. EOS price declined from the $4.40 swing high and broke the $4.00 and $3.80 support levels.

EOS Price Analysis Chart

The chart above indicates that EOS price moved into a bullish zone, with a close above the $3.20 support and the 100 simple moving average (4-hours). Recently, it climbed above $4.20 and later corrected below the $3.80 support.

There was a break below a key connecting bullish trend line with support at $3.80 on the 4-hours chart. The pair even broke the $3.50 support and the 50% Fib retracement level of the recent wave from the $2.70 low to $4.40 high.

However, there are many supports on the downside near the $3.20 and $3.25 levels. There is also a major connecting bullish trend line formed with support at $3.35 on the same chart.

More importantly, the 100 simple moving average (4-hours) is at $3.20 and the 61.8% Fib retracement level of the recent wave from the $2.70 low to $4.40 high. Therefore, dips in EOS price towards the $3.20 support could find buyers.

On the upside, an initial resistance is near the $3.50 level, above which EOS price could test the $3.80 level. The main resistance for buyers is near the $4.00 level, followed by $4.20. Having said that, there are a few bearish signs visible on the lower time frame charts of bitcoin, Ethereum, ripple, BNB, EOS and other cryptocurrencies, which may increase pressure on buyers in the short term.

The market data is provided by TradingView.

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
Sign up for our Newsletter