EOS Price Prediction: Will the Recent Breakout Lead to a Bullish Rally?

After a strong bullish trend, the EOS price went through a correction phase. It formed a base at the $0.77 mark and then regained bullish momentum.

The EOS price went through a correction phase after a strong bullish trend. It formed a base at the $0.77 mark and then regained bullish momentum. Amid this bullish move, the price has triggered a breakout from the 20-day EMA. It seems that the correction phase is over, and a bullish rally might start soon.

In the short term, the EOS coin price has formed a falling wedge pattern. However, the price has triggered a breakout from the wedge and escalated by 16%. Experts expect a pullback before a massive bull run. Analysts believe that the EOS crypto has the potential to climb 85%.

EOS crypto was trading at $0.90 at press time after dropping 1.73% over the past 24 hours. The market capitalization was $1.40 billion, and the 24-hour trading volume was $401.17 million.

The EOS price has remained bearish in December and has declined to the $0.77 mark. However, the price has experienced an accumulation phase and has departed from this zone. Amid this bullish move, the price was moving toward the previous resistance level of $1.10.

The bullish momentum might face difficulty near the $1.1 mark. Suppose the EOS coin price triggers a breakout from that territory, buyers might be confident. This rally is coming after a strong correction phase. Therefore, the price has the potential to remain bullish for a longer time and may hit the $2 mark.

On the other hand, if buyers lose momentum and the price slips below the 20-day EMA, it would be a panic situation. Once the EOS price starts trading below the 200-day EMA, strong selling pressure can be anticipated.