Newsletter3 Reasons To Buy EOS Coin Before February End
By the press time, the EOS coin price trades at $1.25, with an intraday gain of 5.45%. With today, long bullish candle the buyers break the monthly resistance of $1.24-$1.22. This breakout supported by strong volume indicates the buyers’ confidence in climbing higher levels. If the daily candle closes above $1.24, interested buyers could find an entry opportunity to rise upcoming. Here are three reasons why EOS prices may witness significant recovery in the coming weeks.
Source-Tradingview
Formation Of Bullish Pattern
The EOS coin price shows the formation of a rounding bottom pattern in the daily time frame chart. The pattern is characterized by a gradual downward price trend followed by a period of stabilization/accumulation and a steady upward trend, resulting in a U-shaped curve.
Currently, the coin price is making a lead from the accumulation zone to the recovery phase, where more buyers could enter with additional confirmation. Thus, under the influence of this pattern, the EOS price should rally 47.5% to hit the neckline resistance of this pattern.
Thus, the formation of this pattern itself creates a sense of sustained recovery for a coin.
Breakout From A Strong Resistance
Amid the recent recovery in the crypto market, the EOS coin price showed a nearly perpendicular growth in the last five days. This bullish rally registered a 24.4% gain and breached a crucial resistance zone of $1.24-$1.22.
The aforementioned resistance is the neckline barrier of the bullish pattern’s accumulation zone whose breakout could encourage further recovery in the EOS price. Thus, the breakout will signal the transition of the EOS price from a sideways accumulation zone to an upcoming recovery.
Also Read: Top 10 DeFi Lending Platforms In 2023
Buyers Reclaimed 200-day EMA
The EOS coin price has shown a significant recovery since the beginning of 2023. This bull run manages to reclaim crucial EMAs(20, 50, 100, and 200) and offer additional confirmation for buyers.
These technical analysis indicators are commonly used in financial markets to track the price movement of an asset. Thus, the rising altcoin price has recently reclaimed the 200-day EMA, which is a common benchmark to identify market trends.
Therefore, the EOS price trading above the 200-day EMA indicates the buyers have an upper hand.
- Resistance Levels: $1.388 and $1.6
- Support Levels: $1.22 and $1.3
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- Michael Saylor Opposes Zcash-Style Privacy for Bitcoin, Citing Shutdown Risk
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Chainlink Price Prediction as Reserves Pass 1M LINK – Is $20 Next?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
- Aster Price Outlook as Buyback Wallet Burns 77.86M ASTER Worth $79.81M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
