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EOS price dipped recently after
it failed to stay above the $5.320 support against the US Dollar. EOS is correcting
lower and it seems to be preparing for the next break versus USD, BTC and ETH.
Key Talking Points
- EOS price recently dipped steadily towards the
key $5.000 support area (Data feed of Kraken) against the US Dollar. - There is a key bullish trend line formed with
support at $5.070 on the 4-hours chart. - The price must break the $5.380 resistance and
the 100 simple moving average (4-hours) to climb higher.
EOS Price Analysis
Recently, there was a downside correction in EOS and other cryptocurrencies (bitcoin, ripple, Ethereum and litecoin) against the US Dollar. EOS price dipped below the $5.400 and $5.220 support levels to enter a short term bearish zone.
The chart
above indicates that EOS price even settled below the $5.400 level and the 100
simple moving average (4-hours). It traded close to the key $5.000 support
level and formed a low at $5.004.
Finally, there was a recovery above the $5.150 level and the
23.6% Fib retracement level of the last drop from the $5.634 high to $5.004
low. However, the price seems to be facing a strong resistance near the $5.300
and $5.320 levels.
The 50% Fib retracement level of the last drop from the $5.634
high to $5.004 low also acted as a strong resistance for buyers. A break above the
$5.320 level might push the price towards the next important resistance near
$5.380 and 100 simple moving average (4-hours).
There is also a connecting bearish trend line near $5.400 on
the 4-hours chart. Therefore, a close above the trend line and $5.400 is must
for a fresh increase towards the $6.000 level.
On the downside, there is a key bullish trend line formed
with support at $5.070 on the same chart. If EOS price fails to stay above the
trend line and the $5.050 support, there is a risk of more losses below the
$5.000 support level in the near term. The next key support is at $4.855,
followed by $4.752.
The market data is provided by TradingView.
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