27 minutes ago | Michael Fasogbon
Key Highlights:
- EOS now faces crucial resistance after accumulating gains over the past weeks
- The bullish trajectory is still valid but continuation remains unsettle
- If EOS price rejects at $4.10, a slight bearish play could occur
| ⠀EOS price: | $4.07 |
|---|---|
| ⠀Key EOS resistance levels: | $4.60, $5, $5.50 |
| ⠀Key EOS support levels: | $3.5, $3, $2.7 |
*Price at the time of writing
EOS Long-Term Price Prediction: Bullish
The head-and-shoulder breakout in early January allowed a strong growth for EOS against the US Dollar. This has brought about 60% gains in the last 28 days. Currently, the EOS price is up by 0.61%. The price change is quite low, compared to the last three days surge from $3.50. Could that be a short sell signal for EOS? Let’s wait for the next candle break.
How to buy EOS (EOS) on Binance?
Meanwhile, the continuation from the bull flag pattern has now stuck buyers in a critical resistance area of $4.10 – the orange zone on the daily chart. If they could surpass this area, the EOS price might blow up to $4.60 and $5 resistance within a blink. We may see the price also touching $5.50.
Should EOS continue to struggle under $4.10; the price could turn weak at$3.50 support. A drop beneath this support would trigger a double-top pattern that could cut the price further to $3 and perhaps $2.70. Regardless of this prediction, EOS is currently bullish as a more positive move is expected to play out in the future.
EOS Medium-Term Price Prediction: Bullish
The EOS price is still hovering at the $4.10 resistance as the upward movement remains valid. But EOS needs to claim this resistance to keep the buyers’ hopes alive. Nonetheless, the market continued to enjoy the support of $3.50 along with the green rising trend line. Buying could advance straight to $4.50 resistance if EOS shows strength.
In the opposite direction, the market could roll back to the $3.50 support. A steep fall could lead to a serious loss in price. We may need to consider $3 as the next level of support. However, if EOS trading goes on a range, the trend is most likely to switch sideways. The buyers are a bit weak at the moment. They should get back stronger once the immediate resistance is breached.
EOS Short-Term Price Prediction: Bullish
EOS continued to face multiple rejections around the $4.1 resistance, now forming slant with an orange trend line to suggest a weakness in price. More importantly, the buyers are exhausting in a wedge which signals a potential sell-off. This wedge gave an exact picture of the sudden decline that led Bitcoin’s price to $8500 during the last correction. However, it’s now becoming real in the EOS market.
If this scenario plays out, EOS would leave this rising wedge and drop into $3.87 support. It may even drop into $3.75 support area, where EOS is likely to bounce back. If the price continues to respect the wedge, however, the market could climb further to $4.30 and $4.50 resistance. For now, the bullish bias remains dominant on the hourly chart.
Conclusion
EOS is currently looking bullish. We can anticipate a massive price explosion if volatility expands to the upside, especially above the $4.10 resistance. If not, a slight downward move could be underway. Alternatively, we may need to watch out for a sideways movement if a reversal fails at $3.50.
Previous EOS analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of EOS:
