• EOS price started a downside correction from the $0.810 zone against the US Dollar.
• The price is now trading below $0.7650 and the 55 simple moving average (4 hours).
• There is a key contracting triangle forming with support near $0.752 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move down if it stays below the $0.780 and $0.800 resistance levels.

EOS price is declining below $0.780 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $0.740.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.740 resistance zone against the US Dollar. The price surpassed the $0.780 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.8105 before the price started a downside correction. The price declined below the $0.780 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.6684 swing low to the $0.8105 high.

However, the bulls were active near the $0.740support. The price is also stable above the 50% Fib retracement level of the upward move from the $0.6684 swing low to the $0.8105 high.

Besides, there is a key contracting triangle forming with support near $0.752 on the 4-hour chart of the EOS/USD pair. It is now trading below $0.7650 and the 55 simple moving average (4 hours). On the downside, immediate support is near the $0.750 level.

The next key support is near the $0.740 level. If there is a downside break below the $0.740 support, the price could revisit the $0.700 support.

On the upside, immediate resistance is near the $0.780 level. The first major resistance is near the $0.800 level, above which the price could rise steadily toward the $0.832 level. Any more gains might send the price toward the $0.850 level.

Looking at the chart, EOS price is now trading below the $0.780 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.780 and $0.800 resistance levels.

Technical indicators

4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.

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

Major Support Levels – $0.740 and $0.700.

Major Resistance Levels – $0.780 and $0.800.

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• Source: https://www.livebitcoinnews.com/eos-price-analysis-risk-of-downside-break-below-0-75/