EOS price prediction: Ascension to $3.5 or descent for EOS?

TL;DR Breakdown

• EOS price prediction expects a rise towards $3.5.
• Strong resistance is found at the $2.617 mark.
• Strong support is found at the $2.580 mark.

The EOS price prediction by Marjin Buu suggests that EOS is up for a ride or die situation right now as the price nears a key support zone. The cryptocurrency has also formed a head and shoulders pattern. The idea points towards the $3.5 mark and above as the asset’s target for 2021. Though if the coin chooses to take the fall towards the downside, the cryptocurrency might just die.

1-Day EOS price analysis

The EOS price was marked at $2.617 at the time of writing. In the afternoon of the 1st of January, the cryptocurrency’s price rose towards the day’s high of $2.737, after which it has been under a downtrend. The lowest price approached by the coin was the $2.576 level during the day.

The technicals show a strong sell for the cryptocurrency. The oscillators stand under a sell signal, whilst the moving averages are at a strong sell. The Relative Strength Index (RSI) on the 2W time frame is in the neutral region. The current CoinMarketCap ranking for EOS is at 15 with a $2,506,736,791 USD market capitalization.

The Moving Average Convergence Divergence (MACD) line moves close to the signal line on the 1D time frame, and the histogram size is decreasing in the negative region. This shows that cryptocurrency is under a bullish bias, for now, the RSI on the 1D time frame closed at 46.04. This is the neutral region for the cryptocurrency. The lower Bollinger band has supported the cryptocurrency for a while with the midline acting as the resistance.

While Bitcoin BTC has been growing, the altcoin market has been stuttering over the past 24 hours. The cryptocurrency king held the $29000 support on the 2nd of January. EOS has been showing sideways movements on the chart for the 2nd of January.

EOS price prediction: What’s next?

On the 4H time frame, the cryptocurrency has hit an ascending slope. The price was held above this ascending slope from the 24th of December, and the analyst believes that this trend line will allow the cryptocurrency to rise above the $3.5 mark in the long-term, per the EOS price prediction.

The Trading View analyst Marjin Buu stated that the bears have becoming exhausted for the EOSUSD pair, and the cryptocurrency has had the worst of timings for its price pumps in the crypto market. This is because every time the asset pumped, the Bitcoin BTC marked dumped on its charts within the 1D time frame, and the EOSUSD pair followed suit because of BTC‘s heavy influence on the altcoin market.

This EOS price prediction added that it is rather dangerous to invest in EOS at the moment, but if the cryptocurrency can escape this pattern, then the price can move up in the long-term. A heavy support level lies in the $2.5 zone for EOS, but the cryptocurrency is also forming a dangerous head and shoulders pattern. The H&S pattern is a bearish indicator, and the cryptocurrency will either be held up by the $2.5 support, or it will just die if the H&S pattern comes into play.