EOS (EOS) Price Analysis and Prediction

EOS has faced significant downward pressure since its all-time high of $23 in April 2018, falling to an all-time low of $0.40 on November 4, 2023.

Key Takeaways

EOS has seen a remarkable price decline from its all-time high.

After reaching a high of $23 in April 2018, EOS fell to a low of $2.

Despite recent bullish price action, the long-term outlook remains bearish.

EOS Price Analysis

The price of EOS (CRYPTO: EOS) reached its all-time high of $23 in April 2018. From this point, the price dropped to several key support levels before seeing a strong bullish reaction.

The first major support level, around $23, held the price strong for several months in 2018. After breaking below this level, the price saw lower highs into December 2018, where it found support at $8.

From this point, another strong bullish reaction occurred, leading to a retest of the $23 resistance level in early 2019. EOS failed to reclaim this level and fell throughout 2019 to lows of $2.

This price range acted as support for the next two years, into the start of the 2021 bull cycle, where it rallied to nearly $15 at its peak.

From this point, another bearish trend formed, leading to lower lows into May 2022, where EOS broke below the $2 range support, continuing to fall to lows of $0.55 in October 2023.

After reaching lows of $0.40 on Nov. 4, EOS began to rally, showing a lower-degree bullish trend. From its recent lows, the price encountered the first major resistance at $0.52, which acted as support during the lower highs in 2023.

After breaking above this level, another strong resistance zone is found between $0.60 and $0.64, which also showed bullish price action in 2023.

Finally, the price encountered resistance at $0.84, which acted as support during the lower highs in 2023 and is also the intersection of the descending line from the all-time high and the horizontal support line from the lower lows.

On the daily chart, the price of EOS made a lower low in August 2022, followed by a higher low in October 2022.

From the August lower low, the price began to form a descending triangle, which is a corrective pattern that brought the price to its starting point in early November.

This lower-degree descending triangle is also valid within the context of the larger descending triangle from the all-time high, which is still downtrending.

If we count the lower-degree WXY correction pattern from the recent lows, it could have concluded on Nov. 4, signaling the start of a new bull phase.

In this scenario, the price would be expected to rally into the descending line resistance, forming the lower highs of the larger descending triangle from the all-time high.

From this point, the price is either rejected or breaks out, which will determine the next lower-degree lower low or the start of the next higher high in the downtrend.

EOS Price Prediction

Analyzing the wave structure since August 2022, EOS remains in a downtrend but shows potential signs of reversal. After an uptrend beginning in October 2022, the price formed a lower-degree descending triangle—a corrective pattern that brought it back to its starting point.

Until Nov. 4, it could have concluded a WXY correction pattern, hinting at the start of a new bull phase.

Since its recent low, the price rose by 46% to a high of $0.61, but this encountered resistance at its horizontal support zone mid-point.

In addition, the daily chart Relative Strength Index (RSI) signals overbought conditions, raising concerns about the uptrend’s sustainability.

If EOS resumes an uptrend, the first awaited interaction will be at the $0.84 resistance intersection with the horizontal and the descending line. From this point, two scenarios will be in play.

Either the price gets rejected, or it makes a breakout. If we see a rejection, it should maintain above $0.60 on the following retracement, likely ending its first lower-degree correction.

A bounce could set up the price of a breakout in the next advancement.

In conclusion, we cannot be bullish about EOS long-term until we see a breakout above $0.84.