EOS token makes double-digit gains amid market recovery

During the past 24 hours, the cryptocurrency market has been on a notable gain. Bitcoin (BTC/USD) is currently eyeing $43,000, while Ethereum (ETH/USD) has moved past $3000. This performance is pulling up the rest of the market, and most cryptocurrencies are trading in the green zone.

During the past 24 hours, EOS (EOS/USD) has made double-digit gains of 10.2%, and it was trading at $2.43 at the time of writing, according to CoinGecko. 

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EOS gears for an uptrend

During the past two weeks, EOS has gained by 23%. This is a notable gain, given that volatility in the market has been high. It has managed to maintain these gains amid the uncertainty of traders on the market’s direction.

During the past 24 hours, EOS gained from around $2.18 to reach a high of $2.44. If it continues to gain, it will test the next resistance level at $2.56. From here, the token could rally towards $2.75, after which it could set the next target price at $3.

The market support is currently high, and if this continues, it will fuel more gains for EOS. Traders will continue to buy if the market continues to trade in the green zone due to increased market confidence.

EOS will recover the losses made since the beginning of the year if it trades past $5. The coin surpassed this level in November when the broader market was rallying, and if the market maintains this gain, it will be poised to rally to these levels again.

EOS could also dip

EOS could also register a dip if the rest of the market fails to rally. The market has been fluctuating over the past few months, and any attempt to rally has been countered with a recession shortly after.

If the EOS dip reverses, it will test the lower support level of $2.38. If the traders are spooked by this price movement, they could intensify the selling pressure, which will push the token further below and test the lower support level of $2.25. a crucial support level will be formed if the token dips below $2.10.