EOS price analysis: EOS/USD is correcting lower, price consolidating above $5.500 support level
|- EOS price is trading in the red as the upside gains are capped below the major resistance level at $6.000.
- The upside gains were not sustainable leading to price declines breaking the immediate support level at $5.500
The price of EOS and other related altcoins have been in accumulation, avoiding more significant price movements. EOS price is still in the red as the few upside gains are cut short prematurely. Currently, EOS is trading at $5.55 and is down 1.5% in the last 24 hours.
Looking back at yesterday’s trading, EOS/USD was in a bullish trend where the currency exchanged hands at highs of $5.92. The upside gains were not sustainable leading to price declines breaking the immediate support level at $5.500 on Wednesday. The price seems to have found support at $5.500 mark.
The price is trading below the 100-simple moving average trendline which is below the 200-simple moving average to show that the downside is the path with the least resistance. EOS/USD is trading below the 23.6% Fibonacci retracement level with a previous swing high of $5.92 and a low of $5.55.
EOS/USD hourly price chart
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