Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- A zone of assist from late September was retested as resistance
- Bulls may have the ability to power one other push to $1, however can they reach breaking previous it?
EOS has been on a downtrend since mid-September when the value plunged underneath the $1.38-support. At press time, the psychologically necessary $1-mark had been defended considerably, however the general bias remained bearish.
Right here’s AMBCrypto’s Worth Prediction for EOS for 2022-23
Over the course of the following week or two, it’s possible that EOS can be unable to interrupt above the resistance zone it has been laboring beneath. Bitcoin additionally confronted important resistance at $19.6k and $20.4k. If Bitcoin sees important promoting stress and a transfer underneath $19k, it’s possible that EOS would observe BTC south on the value charts.
The bounce in EOS costs for 2 weeks may draw to an finish quickly
Supply: TradingView
On the 12-hour timeframe, the bounce from $0.94 over the previous two weeks has seen the value set a collection of upper lows and better highs on this similar time interval. Subsequently, the decrease timeframe market construction and momentum have been bullish. The RSI additionally climbed above impartial 50 in assist of this improvement. Nevertheless, the A/D line was but to interrupt above October’s resistance.
A take a look at a better timeframe chart such because the 1-day confirmed these highs to be much less important. The prevalent pattern was bearish and EOS must beat the $1.12-lower excessive as a way to flip the construction to bullish.
Furthermore, the previous three weeks have seen the value repeatedly take a look at the $1.1-zone. Highlighted in pink, this may be thought-about as a liquidity pocket. In late September, a take a look at of this area noticed EOS quickly climb to $1.23 – A 11.8% transfer north.
Equally, as soon as this space gave method, the bulls have been completely exhausted and EOS went straight to the $0.95-mark inside a number of days. A set of Fibonacci retracement ranges (yellow) have been plotted based mostly on EOS’s transfer from $1.23 to $94. The 61.8% and 78.6% retracement ranges lie at $1.12 and $1.17, marking them as an necessary belt of resistance.
Bears can use the confluence between the liquidity pocket and the Fibonacci ranges to enter a brief place on a revisit to the $1.1-level a number of days later, within the occasion a bearish order block. They’ll additionally take into account a extra dangerous commerce and look to quick round $1.1, with invalidation set above the $1.13-mark.
Growth exercise lifeless in August, October
Growth exercise was flat in mid-August and October. This was not excellent news for long-term buyers. They prefer to see sustained improvement on the tasks they wish to put money into. The Social Dominance was close to the 0.04%-mark. Taken collectively, the inference shall be that EOS just isn’t a very standard challenge, regardless of being a $1 billion market cap token.
The worth motion advised a transfer decrease can be possible within the subsequent few days. An EOS transfer above $1.15 and a revisit to $1.1 as a assist zone would invalidate this bearish thought.