The EOS price prediction illustrates that the price shows a consolidation of over 30 days and struggles to hold above the $0.5 level. The consolidation occurs in the range with support at $0.51 and resistance at $0.64. EOS crypto has been on a steep downtrend for the last 6 months, losing more than half of its value in that period and falling 31% in the last 3 months.
The EOS crypto daily chart demonstrates that the price has been closely following the 50-day EMA and declining; indicating the dominance of the bears in the short-term as well as long-term. EOS price is currently at $0.57, down 1.34% in intraday. The coin has a market cap of $638.33 Million and ranks 51st in the crypto market.
The EOS Network is a Layer-1 blockchain that is fast and powerful, allowing developers to build what they envision with flexible architectures, versatile blockchain infrastructures, and custom smart contracts. What sets EOS apart is its technology stack and strong community.
Eos Price Consolidating After Forming a New Swing Low
The EOS token is currently trading at $0.57 with an intraday loss of 1.19%. The daily chart shows that the sellers dominated the overall trend. Currently, the price shows neutrality over the charts and consolidates at the lower levels.
The breakdown of the consolidation may add more selling volume and the price might decline to lower levels.
The breakout of consolidation and upper trendline resistance may show optimism in the price trend and the buyers may try to take over the trend.
Technical Indicators Shows Mixed Sentiment about the EOS Price Trend
MACD lines have made a bullish crossover indicating the bulls are accumulating at the support levels and the price may show a hike. However, histogram bars are being formed of negligible height indicating neutrality in the trend.
The EMA analysis suggests that the EOS price suffered multiple rejections from the 50-day EMA indicating the dominance of sellers at the upper levels.
At the time of publishing, the RSI value of the EOS token is 45.8 and that of the SMA line is 38.6. RSI is trying to recover after entering an oversold region.
Conclusion
The EOS price is in a downtrend and consolidates between $0.51 and $0.64. The price follows the 50-day EMA and declines, showing the bears’ control. EOS price is at $0.57, down 1.34% in intraday. The coin has a market cap of $638.33 Million and ranks 51st in the crypto market. The price may break out or break down from consolidation, depending on the volume and sentiment.
Technical Levels
- Support levels: $0.511 and $0.42
- Resistance levels: $0.729 and $0.849
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/20/eos-price-prediction-2023-can-eos-crypto-skip-consolidation/