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Home News EOS News

EOS price prediction: EOS extending gains above $2.6

Arnold Kirimi by Arnold Kirimi
October 22, 2020
in EOS News
3 min read
EOS price
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  • EOS price sparked a move beyond $2.50 support 
  • The EOS/USD pair is trading above $2.60
  • Bullish momentum could extend towards $3 in the short run

EOS price general overview

EOS price saw significant gains yesterday following the direction of the world’s top cryptocurrency, bitcoin. Currently, EOS is indicating positive signs above the $2.6 price level. As long as the digital asset is trading above the $2.55 support zone, it will continue gaining. 

EOS/USD price daily recap

EOS price prediction: EOS extending gains above $2.6 5
EOS/USD 1-day chart: Tradingview

Currently, EOS price is $2.657, with a total trading volume of $2,407,619,321 over the last 24 hours. So far, the EOS/USD price action has ranged in between $2.609 — $2.684 after opening the day trading at $2.611. The previous day closed near $2.609. 

EOS/USD pair 12-hour chart 

EOS price prediction: EOS extending gains above $2.6 6
EOS/USD 12-hour chart: Tradingview

On the EOS/USD pair 12-hour chart, the cryptocurrency is experiencing intense selling pressure near the $2.65 price level (100-SMA). Further on the upside, there is more selling pressure near $2.85 (200-SMA).

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If the bulls fail in clearing the selling pressure at these two points, the EOS/USD pair may decline back to the starting point near $2.54 and possibly drop lower towards $2.43. Meanwhile, the MACD indicator slightly indicated bullish signals after the gains despite being bearish for some time. However, it can still go back to negative if the bears persist. 

EOS price 4-hour chart

EOS price prediction: EOS extending gains above $2.6 7
EOS/USD 4-hour chart: Tradingview

During the previous week, the EOS/USD pair formed a strong anchor point above the $2.5 and $2.53 price levels. After the bulls cleared past the $2.55 level, the EOS price sparked a fresh upside breakout. 

In the EOS/USD pair 4-four chart, there was a breakout beyond a key bearish trendline with rejection near the $2.56 price level. The breakout paved the way for EOS price to extend above the $2.6 price level. 

As a result of the EOS price spike, a breakout above the 50 percent Fib retracement levels of the drop from $2.72 swing highs to $2.49 swing lows. The EOS/USD pair is presently struggling to clear off the intense swelling pressure near $$2.65 price level. 

EOS price prediction

If the bulls manage to clear above the selling pressure at $2.65, it could pave the way for more gains towards the $2.72 resistance zone. More increase would see the bulls test the resistance points near $2.80 and $2.85 sell-off points.

On the other hand, if the EOS price gets rejected at $2.65 and commences on a downside correction below the support at $2.60, the initial anchor level is at $2.58 price level. The initial primary support is near the bearish trendline near the $2.55 resistance zone. Further decline might send the EOS price towards the critical support zone at $2.50 in the short run.

The entire crypto assets market is displaying signs of bullishness, particularly after significant payments processor PayPal revealed their support for bitcoin, ethereum, litecoin and bitcoin cash. Paypal users can now use the cryptocurrencies mentioned above to purchase goods and services from over 25 million merchants across the globe. In the short term, a break above the $2.65 appears to drive the EOS price towards $3.0; however, a decline could extend towards $2.43. 

We are very interested in investing in #EOS DeFi that can meet the compliance requirements of B1, and are actively on the lookout. I am going to work on more communication around the types of projects we are looking for, and the constraints we need to abide by

— Brendan Blumer (@BrendanBlumer) October 21, 2020
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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