A market capitalization of USD 4.45 billion has led EOS to rank 27th in the cryptocurrency market. If the cryptocurrency breaks the short-term bearish trend at USD 5.30, that would mean a major price recovery.
No cryptocurrency has been able to escape the bearish trend of the cryptocurrency market, but some have been failing more than others. EOS is the most prominent among those in which strong negativism marks their behavior.
The following forecast analysis indicates where the price of the cryptocurrency might be heading.
Forecast Analysis of the Price of EOS
EOS is currently trading at USD 4.43 and has accumulated a profit of 0.5% in the last 24 hours, according to CoinGecko. A market capitalization of USD 4.26 billion has led this cryptocurrency to rank 27th in the cryptocurrency market.
The monthly graph of this cryptocurrency reveals that its price has risen little during the bullish market in previous months.
The general correction has affected EOS, making it lose almost all the gains accumulated during the first half of the year.
However, it still seems possible to see a good outlook, which could generate big profits before long. The same as the rest of the market, EOS kept correcting for 3 years. However, it may now be developing a bullish market capable of spreading quite a bit further.
The recent drop in the price of EOS still looks like a correction, which could soon lead to new momentum. However, there is still a clear short-term bearish direction that may continue to cause problems.
If the bullish trend is still alive in the cryptocurrency market, EOS could soon challenge its all-time high.
Short-term Key Levels for EOS
Performing an analysis of the EOS daily chart would be very useful to look for trading signals. From here, it is possible to notice a clear short-term bearish direction, which a descending line defines well.
The 8-day exponential moving average (EMA) and 18-day simple moving average (SMA) cross to the downside, continuously functioning as dynamic resistances. Going through them would be a good sign that EOS is resuming the major trend, or is at least working on a major recovery.
A horizontal level analysis indicates that the resistance that EOS must go through to change the trend in the short term is at USD 5.30. In case of losing the support at USD 4.41, there may be sales at USD 3.69 as a minimum.
The bulls may manage to give a surprise soon, due to the prevailing possibility of continuing the bullish direction in the long term. The rejection of the aforementioned supports indicates that this could happen any time soon.
The general collapse of the cryptocurrency market in May was mainly due to Elon Musk’s negative comments on Bitcoin. The entrepreneur said that Bitcoin mining was harming the environment with its emissions of carbon dioxide (CO2). The prices of all altcoins suffered dramatic falls alongside the first cryptocurrency, but they may recover before the year ends.
By Alexander Salazar
