If the price breaks below the $0.70 support level, it is likely to decline further. However, earlier this week, the price of EOS experienced a notable increase, surpassing the resistance zone at $0.75 against the US Dollar. It continued to rise above $0.80 and remained stable above the 50-hour simple moving average.
A peak was reached near $0.808 before the price began to undergo a downward correction. The price dropped below the $0.765 support level, entering a short-term bearish zone. Furthermore, it fell below the 50% Fibonacci retracement level of the upward movement from the $0.638 swing low to the $0.808 high. The pair even tested the 61.8% Fibonacci retracement level of the upward movement from the $0.638 swing low to the $0.808 high.
The immediate resistance for EOS is at around $0.755. If it surpasses this level, the first significant resistance lies at approximately $0.780, which, if broken, could lead to a steady upward movement. The main resistance remains at $0.810. A decisive breakthrough above this level could result in further gains, potentially pushing the price towards the $0.880 level.
EOS faces immediate support around $0.730, followed by a crucial contracting triangle forming with support at approximately $0.705 on the 4-hour EOS/USD chart. The subsequent significant support rests near $0.680. A break below this level may lead to a retest of the $0.620 support.
According to price analysis, EOS has a market capitalization of $827,131,875, with a 24-hour trading volume of around $145,095,968.
KEY LEVELS :
RESISTANCE LEVEL : $0.765-$0.790
SUPPORT LEVEL : $0.710-$0.670
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
