• EOS started topped near $8.872 and started a fresh decline against the US Dollar.
• The price is currently trading well below the $7.000 support and the 55 simple moving average (4-hours).
• There is a key contracting triangle forming with support near $6.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could either start a fresh rally above $6.70 or it might dive towards the $5.00 support.

EOS price is holding a key support near the $6.00 zone against the US Dollar, similar to bitcoin. The price might decline heavily if there is a clear break below $6.20 and $6.00.

EOS Price Analysis

In the past few days, EOS price saw a strong increase above the $6.000 and $6.500 resistance levels against the US Dollar. The price even broke the $7.500 resistance zone to move into a positive zone.

The bulls gained pace above the $8.000 level and the price traded to a new multi-week high near $8.872. However, the price struggled to settle above $8.500. As a result, there was a bearish reaction below the $8.000 and $7.500 support levels.

There was also a close below the $7.000 level and the 55 simple moving average (4-hours). A low is formed near $6.024 and the price is now consolidating losses.

It corrected higher above the 23.6% Fib retracement level of the recent decline from the $8.872 swing high to $6.024 low. However, the bears protected the $7.500 zone and the 55 simple moving average (4-hours).

There was also a failed attempt near the 50% Fib retracement level of the recent decline from the $8.872 swing high to $6.024 low. The price is now trading well below the $7.000 support and the 55 simple moving average (4-hours).

There is also a key contracting triangle forming with support near $6.200 on the 4-hours chart of the EOS/USD pair. If there is a downside break below the triangle support, there could be more losses below the main $6.00 support. In the stated case, the price could decline towards the $5.00 level.

On the upside, the first major resistance is near the $6.500 level and the triangle trend line. A successful close above the $6.500 level could lead the price towards the 55 SMA and $7.20. Any more gains might start a fresh rally above $8.00.

EOS Price

Looking at the chart, EOS price is clearly trading well below $7.000 and the 55 simple moving average (4-hours). Overall, the price could either start a fresh rally above $6.70 or it might dive towards the $5.00 support.

Technical indicators

4-hours MACD – The MACD for EOS/USD is showing negative signs in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $6.200 and $6.000.

Major Resistance Levels – $6.500 and $7.200.

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