The EOS price is declining from $0.930 against the US Dollar, similar to Bitcoin. The price could accelerate to the downside if there is a clear move below the $0.875 support.
The EOS price started a downward correction from the $0.930 resistance against the US Dollar. The price is now trading near $0.875 and the 55 simple moving average (4 hours).
There was a break below a key uptrend line with support near $0.9020 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase). The pair could continue to move lower if it sustains below the $0.90 and $0.92 resistance levels.
EOS Price Analysis
This week, the EOS price rallied further above the $0.86 resistance zone against the US Dollar. The price broke above the $0.875 level and broke above the 55 simple moving average (4 hours).
A high was formed near $0.930 before the price began a downward correction. The price dipped below the $0.90 support to move into a short-term bearish zone. Additionally, there was a break below a key uptrend line with support near $0.902 on the 4-hour chart of the EOS/USD pair.
The pair even tested the 50% Fib retracement level of the up move from the $0.8170 low to the $0.9300 high. It is now trading near $0.875 and the 55 simple moving average (4 hours).
On the downside, immediate support is near the $0.875 level. The next key support is near the $0.86 level. It is near the 61.8% Fibonacci retracement level of the up move from the $0.8170 low to the $0.9300 high. If there is a break below the $0.86 support, the price could revisit the $0.82 support.
To the upside, immediate resistance is near the $0.90 level. The first major resistance is near the $0.93 level, above which the price could steadily rally.
The main resistance is still near $0.976. A clear move above the $0.976 level could call for more upside. If so, it could go towards the $1.00 level. More gains could send the price looking toward the $1.05 level.
The EOS price is now trading near the $0.875 level and the 55 simple moving average (4 hours). Overall, the price could continue to fall if it sustains below the $0.90 and $0.92 resistance levels.
Technical Indicators
4 hours MACD – The MACD for EOS/USD is picking up pace in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Main support levels: $0.875 and $0.860.
Major resistance levels: $0.90 and $0.93.
According to CryptoPredictions, EOS started in June 2023 at $1.056 and is predicted to finish the month at $1.345. During June, the maximum forecasted EOS price is $1.441 and the minimum price is $0.98000019527875.
In the same vein, CryptoPredictions forecast today’s EOS Price to be in the $0.75449447056048 – $1.110 price range. EOS is predicted to end today at $0.88764055360057. The expected average EOS price for 2023 is $1.125, while the maximum predicted price for 2023 is $1.498, forecasted to be reached in December 2023.
By Audy Castaneda
