Similar to what happened in Bitcoin (BTC), EOS price action is currently generating a bearish momentum below the $ 3.21 level. Currently, the pair is testing the critical $ 3 support. If the EOS / USD pair manages to break this support, the price is expected to drop sharply.
EOS bulls failed once again to break the critical $ 3,550 and $ 3,600 resistance zones. The bears pressed to drop the price drastically from $ 3.56, which passed the key support level of $ 3.4.
During the sharp price drop, EOS price action saw a break below a key channel rising with support around $ 3.30 on the pair’s 4-hour price chart. Moreover, EOS even surpassed the $ 3.20 support zone.
The decline following this significant support caused the pair to further exceed the $ 3 basic support. EOS price dropped to $ 2.89 before starting a consolidation phase above the $ 3 level. EOS was trading at $ 2.90 at the time of writing.
The cryptocurrency still faces resistance near the $ 3.10 zone. The next level of resistance is $ 3.15 and the 4-hour 55 simple moving average.
What Can Happen in the Near Term with EOS?
The key resistance zone in cryptocurrency is around $ 3.2. The EOS / USD pair should launch a new upward momentum soon to break the key resistance of $ 3.20 and the 55 simple 4-hour moving average. Otherwise, EOS price will continue to fall.
According to the chart, the EOS / USD pair is currently trading slightly below the $ 3 key support. If the bears manage to get past this important support, a sharp drop could be imminent.
Technical Indicators Overview
Key support levels: $ 2.90
Key resistance levels: $ 3.15 and $ 3.20
4-hour RSI: below 40
4-hour MACD: Bearish