EOS Price Analysis: The Next Bearish Target Is At $1.00

  • The price of EOS settled below the $4.20 support level against the U.S dollar
  • The major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair was not cleared
  • The pair might continue to drop and it could even trade at the $1.00 level.

The last few weeks have been bearish as the price of EOS went below the $4.20 support level against the U.S dollar. The pair (EOS/USD) saw a sharp decline and broke the $4.00 and $3.00 support levels.

EOS Price Today – EOS / USD

READ ALSO:  The Reason Behind That Soon EOS Will Hit $20

Name Price24H (%)
Bitcoin (BTC)
$3,422.81
-1.74%
EOS (EOS)
$1.86
-2.62%

The price of EOS initially formed a decent support close to $4.20 and bounced back. It recovered above the $6.00 level and the Fib retracement level of 23.6% of the last slide from the high $9.37 to a low $4.18.

However, the $6.75 level capped the upside move. Also the Fib retracement level of 50% of the last slide from the high $9.37 to a low $4.18, acted as a hurdle. The price began a fresh decline and broke finally the support area of $4.20.

It steadily declined and settled below the level of $3.00 and the 100-day simple moving average. On the upside, there are lots of hurdles, beginning with $2.50 and $3.00. Most important, is the major bearish trend line with resistance at $5.00 on the EOS/USD daily chart.

The price might likely face lots of offers close to the $3.00 or $4.00 levels. On the downside, it looks like the price will experience more losses below the $2.00 support.

To conclude, the present technical structure is very bearish for the price of EOS. It also looks like sellers may make moves to push the price towards the $1.00 support area in the near future.

 

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