EOS Sees 22.69% Increase, Forming a Pump before the Big Fall?

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EOS Price Rallied By 10%, Coin To Retest $2
  • Bullish EOS (EOS) price prediction ranges from $1.765 to $2.4.
  • EOS price increased by 22.69% within 24 hours.
  • EOS’s bearish market price prediction is $1.650.

EOS sees a surprising price increase at a time when even the crypto behemoth Bitcoin itself is plummeting. With this price increase, it seems like the downward trend of EOS has disappeared. However, a wide wedge pattern can be seen in the price of EOS, which is frequently associated with a trend’s exhaustion down the line.

EOS/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)

By looking at the 1-Hour chart of EOS/USDT, the RSI value of the 1-Day chart is 61.07. When the RSI moved over the 50 level, it indicated that the price of EOS was heading bullish. The price of the altcoin was above the 200-MA line, indicating that buying pressure was prevailing in the market.

EOS/USDT 1-Hour Chart (Source: TradingView)

Based on the 1-Hour chart for EOS/USDT chart, the hourly candle touches near the support zone of $1.275-$1.239 and it’s going for a reversal after having buyers put order blocks at $1.282. During these 10 days, the price of EOS increased from $1.250 and shot up to 55.23% after breaking out the 200 MA.

If the price action follows the wedge pattern, there will be two possible ways for the market to roam around. The price can rise up to $1.944 and if it doesn’t break out of the key resistance level, the price can fall back to $1.554. If the price breaks the resistance level of $1.944, EOS can pump to $2.4.

According to Coinmarketcap, EOS is at $1.81 at the time of writing with 998,647,129 EOS in circulation. EOS has a 24-hour trading volume of $1,496,068,702.17, and during the previous 24 hours, the price of EOS has increased by 22.67%. Currently, EOS ranks 33rd on CoinMarketCap’s list of the biggest cryptocurrencies by market capitalization.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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