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The EOS price fell below $ 7.50 and later found support at $ 6.80 compared to the US dollar. EOS / USD is running towards a higher resistance near $ 7.50.
Key Talking Points
- The EOS price formed a decent support near the $ 6.80 level (Kraken data feed) compared to the US dollar.
- a crucial bearish trend line in place with a resistance near $ 7.50 on the 2-hour chart of the EOS / USD pair.
- The pair may perhaps move higher, but it is likely to fight near the $ 7.50 and $ 7.6 resistors.
EOS Price Analysis
There were further losses below the $ 8.00 level in the EOS price of the past week compared to the US dollar. The EOS / USD pair even broke the $ 7.00 support and traded at $ 6.83
. The chart above indicates that the EOS price formed a base close to the $ 6.80 level and initiated a short-term correction. It has exceeded the $ 7.00 level, but appears to be facing obstacles close to the Fiber retracement level of 23.6% from the low of $ 8.47 to $ 6.83 low.
Above $ 7.20, there is a significant resistance formed near the $ 7.50 level. An intermediate resistance is close to the simple moving average of 100 (2 hours) to $ 7.40. There is also a fundamental bearish trend line in place with resistance close to $ 7.50 on the 2-hour chart of the EOS / USD pair.
More importantly, the 50% fiber retracement level of the last decline from the low of $ 8.47 to $ 6.83 low is $ 7.65.
Therefore, if the price moves higher than current levels, it could face tough resistance close to $ 7.50 and $ 7.60. Should there be a closing greater than $ 7.60, the price could exceed the $ 8.00 barrier.
On the downside, the $ 7.00 level is an initial support. Below this, the price could test the support zone for $ 6.80, which is an important barrier for sellers. As long as the EOS price is above the $ 6.80 level, it may slowly make an upward move.
The current price action is positive above $ 7.00 level for a break above $ 7.20 to test $ 7.50.
Market data is provided by TradingView.
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