- EOS price predicted to hit $3
- EOS price finds support level at $2.4
- The resistance level of $2.88 will soon be hit
- EOS price predicted to break $3.5 in long-term trade
The EOS price prediction by Margin Buu suggests that the price will soon rise towards the $3 mark. The cryptocurrency trades above the $2.53 level at the start of the 9th of November.
1-Day EOS price analysis
EOS was priced at $2.536 at the time of writing. The cryptocurrency saw a day’s high of $2.564 on the 8th of November.
What to expect from EOS?
Margin Buu’s analysis suggests that the price will go long from here and rise past the $2.70 mark. The cryptocurrency has been supported by a flat support level at the $2.4 mark.
The support formed on the 22nd of September when the cryptocurrency fell towards the $2.4 level and confirmed support here. The cryptocurrency has been trading over the support ever since, with an exception to the start of November when the price fell below the $2.3 mark and it gradually returned above the support level.
Currently, the price is expected to bounce towards the upside and rise past $2.7. The analyst added that as soon as the EOS price reaches the $2.88 level, the price will shoot to the $5 mark. This trade setup was sketched on the 4h time frame for the EOSUSD trading pair, and the analyst hopes that the price hits the $2.88 key resistance level soon. Looking at the Relative Strength Index (RSI), we can see that the technical indicator is forming an upward divergence. The RSI indicator is expected to move towards the overbought zone soon.
EOS to see a breakout ahead?
Another Trading View analyst Skinwah expects the EOSUSD trading pair to observe an upward breakout. The price is currently inside a descending triangle that has been repeated.
The analyst compared the price trend of EOS from June and July 2020, and they came up with two similar descending triangles. The cryptocurrency broke out of the previous triangle and moved across the $3.6 level, and the analyst expects EOS to make a similar move now. There is a trading range inside the triangle pattern, and that is the $2.4551 to $2.65 range.
The price volatility has decreased by a lot, and the altcoin will now test the upper boundary of the triangle. The price will break towards the upside and then ride along the broken trendline until it breaks out of the range. Per the chart, the price will rise past the $3.5 level in a long-term trade.
EOS price prediction: What’s next?
Margin Buu highlighted another similar pattern on the charts, but the analyst used a less-steep ascending trendline in this pattern for the EOSUSD pair.
The price is expected to fall towards the trendline, and this fall could place the cryptocurrency near the $2.51 mark. The analyst believes that the price will then gradually tread towards the upside and it will hit the $3 mark soon. The altcoin broke below the $2.4 support on the 2nd of November and it rejected the $2.20 mark with a lot of strength. The price had broken above the $2.4 resistance on the 5th of November, after which it moved towards the $2.67 mark where it saw a pullback towards $2.47.