• EOS price started a fresh decline from the $1.35 resistance zone against the US Dollar.
• The price is now trading below $1.25 and the 55 simple moving average (4-hours).
• There is potential for recovery if there is a clear move above $1.20, but further downside risks remain below $1.10 support.
EOS Price Analysis
EOS price has recently started a fresh decline from the $1.35 resistance zone against the US Dollar. The price currently trades below $1.25 and the 55 simple moving average (4-hours). There was also a break below a key bullish trend line with support near $1.19 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
Potential For Recovery
There is potential for recovery if there is a clear move above the $1.20 level and the 50% Fib retracement level of the downward move from the swing high of $13406 to its low of$1104 low. Above this, it could also test its next major resistance at around $125 level, followed by an attempt to break through its previous high of 135$.
Downside Risks Remain Below Support Level
On the downside, there are still some risks as long as it stays below its immediate support at around 112$, which is closely followed by another key support at 110$. If there is any further downside break below 110$, then it could test its next major support at 100$.
The MACD for EOS/USD is gaining pace in bearish zone while RSI has dropped to below 50%. It would be important to look out for any new developments in order to make accurate predictions about future prices levels or directions of movement of EOS market prices .
In conclusion, EOS price may attempt to recover if it breaks above current resistance levels; however, further downside risks remain intact until it reclaims its previous highs at 135$.