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EOS Technical Analysis: EOS/USD is heading for some serious technical levels

  • EOS/USD is heading towards a major resistance level
  • Price action points to a move higher but volumes dont confirm the move
  • Market found support at 3.30
EOS hourly Chart

EOS/USD on the two-hour chart above is heading to a critical level of 3,800 and beyond that, the psychological 4,000 level lies in wait. 

Price action today has been bullish as it has been with most cryptocurrencies but the volume on the Kracken exchange is not supporting the bullish view.

On August 15th price bounced off the key daily support level is 3,300 to move 12% higher to where we are today despite another test of the downside yesterday (21st August).

The Daily chart below is showing 4,417 to be another major resistance zone if indeed the 3,800 manages to break. 

On the plus side, there has been a bullish cross in both indicators on the daily chart and the hourly indicators still seem to be in positive territory although the Stochastic is showing signs of exhaustion. 

EOS Daily Chart

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EOS

EOS Daily Tech Analysis – 21/02/20

EOS

EOS rose by 0.85% on Thursday. Following a 13.48% tumble on Wednesday, EOS ended the day at $4.0020.

Relatively range-bound through the morning, EOS rose to a mid-morning high $4.0744 before falling to a late afternoon intraday low $3.7818.

Steering clear of the major support and resistance levels, EOS recovered to $4.00 levels to end the day in the green.

At the time of writing, EOS was up by 2.27% to $4.0930. A mixed start to the day saw EOS fall to an early morning low $3.9503 before striking a high $4.1544.

Steering clear of the major support levels, EOS broke through the first major resistance level at $4.1237.

For the day ahead

EOS would need to move through to $4.10 levels to support another run at the first major resistance level at $4.1237.

Support from the broader market would be needed, however, for EOS to break out from the first major resistance level.

In the event of an extended crypto rally on the day, EOS could visit $4.2 levels before any pullback. The second major resistance level at $4.2453 would likely limit any upside, however.

Failure to move through to $4.10 levels could see EOS return to the red.

A fall through to sub-$3.95 levels would bring the first major support level at $3.8311 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$3.60 levels. The Second major support level at $3.6601 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $3.8311

Major Resistance Level: $4.1237

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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EOS Price Analysis: Decline To Extend Below $3.80

  • EOS price failed to stay above $5.000 and declined heavily below $4.400 against the US Dollar.
  • The price even dipped below the $4.000 support area and tested the $3.650 level.
  • There was a break below an ascending channel or a bearish flag with support near $4.400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could struggle to recover above $4.200 and $4.400 in the near term.

EOS price is showing signs of more weakness below $4.000 against the US Dollar, similar to bitcoin. If there is a clear close below $3.800, the price could retest $3.200.

EOS Price Analysis

After a couple of failed attempts near the $5.500 area, EOS started a steady decline against the US Dollar. The bulls failed to protect the $5.000 support area and the 55 simple moving average (4-hours).

As a result, there was a sharp decline below the $4.400 and $4.200 support levels. The price even dipped below the $4.000 support area before it found support near the $3.650 level.

Moreover, there was a break below an ascending channel or a bearish flag with support near $4.400 on the 4-hours chart of the EOS/USD pair. A swing low is formed near $3.649 and the price is currently correcting higher.

There was a break above the 23.6% Fib retracement level of the recent decline from the $4.665 high to $3.649 low. However, there are many hurdles on the upside near the $4.070 and $4.150 levels.

The first key resistance is near the $4.150 and the 50% Fib retracement level of the recent decline from the $4.665 high to $3.649 low. Still, EOS price must move above the $4.200 pivot area to start a decent recovery.

The next major hurdle is near the $4.400 area, above which the bulls are likely to aim a test of the $5.000 resistance area. Conversely, there is a risk of more losses in the coming sessions below $4.000.

An initial support is near the $3.800 level, followed by the $3.650 support. If the price fails to stay above $3.650, there could be a sharp decline towards the $3.200 level.

EOS Price

EOS Price

Looking at the chart, EOS price is currently correcting higher towards $4.200. If it fails to gain strength above $4.200 and $4.400, there are chances of a downside extension below $3.650.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly moving back into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently near the 30 level.

Major Support Levels – $3.800 and $3.650.

Major Resistance Levels – $4.200 and $4.400.

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EOS Price Analysis: EOS/USD dips below the $4.50-level

  • EOS/USD has encountered resistance at the SMA 20 curve.
  • The MACD and Elliott Oscillator both indicate that the market sentiment is currently bearish.

EOS/USD daily chart

EOS/USD daily chart

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve is acting as immediate market resistance. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has had five straight red sessions. The RSI indicator has dipped from 50 to 45, which highlights the market’s bearish dominance.

 

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