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- 1 EOS price prediction is bearish for the short term as well as for the long term.
- 2 EOS crypto price is in a strong downtrend.
- 3 The pair of EOS/BTC is trading at 0.00002227 with an intraday decline of -0.18%.
EOS price prediction remains bearish till it trades below $1.00. However, the EOS crypto price looks highly oversold so a short-term relief rally may trigger anytime.
EOS price is in a strong downtrend and trading below both the EMAs indicates sellers’ dominance. Presently, the price seems to be stuck in the narrow range between $0.500 to $0.600. It shows signs of base formation but the confirmation is still awaited.
In the middle of August, EOS crypto broke down the crucial support of $0.700. It triggers negative sentiment and invites further decline.
The downfall in EOS crypto took a halt near $0.521 and prices entered into consolidation. The overall crypto market is bearish so it negatively impacts the prices of EOS and other altcoins.
However, if the overall market recovers then a short-term bounce is possible. EOS price is trading at $0.577 with an intraday decline of -1.70%.
The 24-hour volume to market cap is 9.43%. The EOS/BTC pair is trading at 0.00002227 with an intraday decline of -0.18%.
Is EOS Price Consolidating for Base Formation?
EOS price prediction favors the bears until buyers succeed in breaking the $1.00 level. The sellers seem more active as compared to buyers. So the probability of a sharp bounce back remains low.
Till EOS crypto trades below $1.00, it is expected to remain in bears’ grip. However, if the buyers managed to push the price above the 50-day EMA then short-term trend reversal might be visible.
On the other hand, if the EOS price drops below $0.521 then more downside will open. The analysis suggests that EOS is forming a long-term base near $0.500 and buyers are trying their best to rebound.
EOS crypto looks bearish on multiple time frames
EOS crypto price is bearish on multiple time frames. It corrected 62% (approx.) from YTD highs but still, no strong signs of recovery are visible. However, till prices hold $0.500 support the prices are expected to continue the consolidation.
The MACD curve slopes upward and tries to climb above the zero line. It indicates mild bullishness but price action shows divergence. The RSI at 37 reverses upward from the oversold territory and may reach the neutral zone.
Conclusion
EOS price prediction stays bearish for the long term till it trades below $1.00. However, the prices are consolidating for the base formation so the downside looks limited.
The technical analysis suggests that the EOS crypto price is inside the bear’s grip. But if the overall market recovers then buyers may try to push the price toward $1.00 by 2023 end.
Technical levels
- Resistance levels: $0.810 and $0.927
- Support levels: $0.521 and $0.400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
