- EOS price prediction expects a rise towards $2.6 soon.
- EOS facing extreme volatility despite comparatively stable market.
- EOS finds strong support at the $2.525 mark.
The price trajectory observes multiple ups and downs over the chart for the 16th of October. EOS price prediction by Margin Buu suggests that the cryptocurrency will soon move towards the $2.65 mark.
1-Day EOS price analysis
The cryptocurrency traded at $2.54 at the time of writing. EOS reached the day’s high of $2.543.
EOS price prediction: Where is EOS headed?
EOS has moved below the $2.6 mark on the 16th of October and the coin appears oversold on the smaller time frames.
The Relative Strength Index (RSI) is in the 20s, which means that the cryptocurrency in the oversold region. The RSI is showing bullish divergence on the 4H time frame, this means that the cryptocurrency will turn bullish soon. The analyst expected an upward move EOS in the short-term position; however, the price moved below the $2.55 mark as the trade volume decreased as well. This may be a possible pullback and the price might return above the $2.6 mark soon.
Short-position up next for EOS?
An opportunity for a short position appears to be forming on the EOSUSD charts, per the Trading View analyst Project Syndicate.
The price is expected to hit the $2.85 resistance before moving down to complete the short-position. The price correction is underway and the cryptocurrency is expected to fall downwards once moving close to the resistance. This is also a swing trade setup and the target lies near the $2.2 mark.
A falling triangle pattern can be seen on the weekly time frame for the trading pair. Virad Jain has depicted the cryptocurrency’s testing of the upper boundary of the triangle pattern.
If we look at the trading volume, the cryptocurrency has been trading inside this huge 2-year triangle pattern and the trade volume has been decreasing over time. A huge decrease in price volatility can also be observed over the 2-year period. Price volatility that has decreased this much usually results in an upward breakout, which means that the cryptocurrency is close to its ascension. EOS is expected to rise towards the $17 mark in a long-term position after its breakout.
EOS price prediction: Uptrend ahead?
In another one of their analyses of EOSUSD, the Trading View analyst Majin Buu suggested that the cryptocurrency will rise towards $2.65 next.
The cryptocurrency has been held up by a strong support level near the $2.43 mark since the 21st of August. The analyst stated that if Bitcoin BTC observes more bearish movements, the altcoin market will fall as well. This may not allow EOS to trend upwards on the yellow trendline highlighted in the chart above.
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