• EOS price has started a fresh decline below the $1.20 level against the US Dollar.
• Currently, it is trading below $1.10 and the 55 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance near $1.080 on the 4-hour chart of the EOS/USD pair.
EOS Price Analysis
The EOS price has seen a steady decline from the $1.25 resistance against the US Dollar, dropping below levels of $1.20 and $1.15 to enter a bearish zone. The price spiked below $1.00 and formed a low at around $0.9747 before consolidating losses. There is a major bearish trend line forming with resistance near $1.080 on the 4-hour chart of the EOS/USD pair, indicating that further declines may be possible if this level holds as resistance for now.
Immediate resistance for EOS lies at around the $1.050 level, which is also close to 23.6% Fibonacci retracement level of its downward move from the swing high at around$ 1.2978 to its low at around$ 0 .9747 . The first major resistance is near the $1 .08 mark, followed by another strong barrier at 50% Fibonacci retracement level just above$ 1 .135 .
Immediate support lies at around$ 1 .00 while further down there could be another strong support near$ 0 .975 , if broken then it would open up possibilities of testing its next key support at around$ 0 .920 in short term future ahead..
The MACD for EOS/USD has been gaining pace in bearish zone while RSI is currently trading below 50 mark, indicating further downside momentum in prices if current technical structure persists over time period ahead..
Overall, it seems like EOS price could continue to decline if it stays below both resistances levels of $1 .08 and$ 1 .100 , although any clear move above these levels might start a steady increase towards next important barriers lying ahead..