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- EOS price can hit as high as $2.6 mark.
- EOS has hit the resistance mark at $5.40.
- Strong support is found at the $2.47 mark.
The EOS price prediction by Ar Shevelev has shown that the price will soon move towards the $2.6 mark after it breaks above a descending trendline. The cryptocurrency gradually moved towards the $2.54 mark on the 1st of November.
1-Day EOS price analysis
The altcoin was priced at $2.53 US Dollars on Coinbase at the time of writing. The cryptocurrency’s price fell to a day’s low of $2.467.
EOS price prediction: Uptrend towards the $2.6 mark ahead?
The Trading View analyst Ar Shevelev believes that the cryptocurrency is trending along a descending trendline, and the price appears to move towards its conclusion as it progresses.
The cryptocurrency has formed a descending-triangle-like pattern on the charts, where the price has been trading above a flat support line at $2.483, and it is expected to test and break above the descending trendline shown on the chart above.
The two resistances for the setup lie at $2.68 and $2.73. The cryptocurrency is expected to break towards the upside and see a rise above the $2.6 mark after some sideways movement. The lower zone of the range lies at $2.43, which is also where the stop-loss order was placed for this trade.
What’s next for EOS?
The Trading View analyst DLavrov believes that the cryptocurrency has approached an ascending trendline and will gradually move towards the $2.97 mark.
Looking at the chart above, we can see that the price volatility for Litecoin has decreased by a lot after the cryptocurrency fell below the $2.97 level. The price appears to be gradually moving towards the upside, while it also accumulates over the trendline. If the cryptocurrency finally tests the $2.97 resistance and breaks above it, EOS will possess enough momentum to make a run towards the $4 mark. The main take profit target lies at the $8.75 resistance, per the analyst, as EOS looks good for a long-term trade right now.
What to expect from EOS?
The cryptocurrency trades under a very long descending trendline that has formed a descending triangle for the cryptocurrency over the daily time frame. Looking at the chart below, the Trading View analyst Ygha Deri believes that the price is about to move short towards the triangle’s support level.
The price has been testing the descending trendline over the EOS trading history. The formation of the trendline can be dated back to when the cryptocurrency approached its all-time high in 2018. The bottom of the setup lies at the $1.54 mark, while the cryptocurrency has been trading above the $2.06 support for quite a while. The price is expected to fall to this support next and then see a bounce towards the upside. This bounce is expected to break past the falling trendline and lead the price towards the $20.8 mark.
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.
