• EOS price started a fresh decline from the $1.25 resistance zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $1.165 on the 4-hour chart of the EOS/USD pair.
• The price might attempt to recover if there is a clear move above $1.15 and $1.165 resistance levels.
EOS Price Analysis
EOS price recently started a fresh decline from the $1.25 resistance zone against the US Dollar. Bears were able to push the price below the $1.20 support and the 55 simple moving average (4 hours). A low was formed near $1.0812 and now it is consolidating losses at lower levels below $1.20 level.
Key Resistance Levels
On the upside, immediate resistance is near the $1.132 level which is near 23.6% Fib retracement level of downward move from swing high of$1,2977 to low of$ 1,0812 . The first major resistance is near the $1.15 level and there is also key bearish trend line forming with resistance near $1,165 on 4 hour chart of EOS/USD pair .A clear move above this could start a steady increase toward 50% Fib retracement level of downward move($ 1,19).
Key Support Levels
On downside immediate support lies at around$ 1,08 which needs to be breached in order for bears to gain momentum towards next key support lie at around$ 1,02 . If there will be any further downside break below this may lead to test support at around 0f$ 0,92 in coming days .
MACD & RSI Indicators
MACD for EOS/USD pair is gaining pace in bearish zone while RSI has been trading below 50 (neutral) indicating potential for more declines ahead .
Overall ,price could continue to decline if it stays below both ($ 1 ,15 ) and ($ 1 , 165 )resistance levels as indicated by MACD & RSI indicators as well .