Crypto Analysis

EOS Price At Risk Of More Losses: BTC, ETH, XRP Slides Further

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

In the past couple of days, there were major downsides in bitcoin, EOS, Ethereum and litecoin against the US Dollar. EOS price broke the key $6.800 support area to enter a bearish zone.

EOS Price Analysis Chart

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.

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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