The EOS price has struggled in the markets for the past one week, trading sideways for most of the time. However, today, EOS is up by 2 per cent, showing the prices may be a setup for a break out of the $1 resistance level.
Is the downtrend waning?
Throughout 2022, the EOS has traded downwards. In June, the crypto is down by 27 per cent, extending the 31 per cent price drop the crypto went through in May and April’s 28 per cent drop. Looking at the year-to-date data, EOS has also dropped by 67 per cent.
However, the past week has shown a waning downtrend, with the cryptocurrency spending most of its time in a sideways market. Today, EOS is already up by 2 per cent and looking likely to close even higher. Even though the prices have been confined to support and resistance levels of $0.83 and $1, respectively, for a week, the current push to the upside is looking likely to push past the resistance level. This is a sign that the current long-term trend may be waning.
Another factor that is likely playing a part in the current EOS waning bearish trend is the recovery of the cryptocurrency industry. In the past few days, the global cryptocurrency market capitalization has been going up. Today, the market capitalization is up by 4 per cent, extending the past few trading sessions’ recoveries. The bullish industry trend is pushing cryptocurrency trends such as EOS up, with investors starting to come back after the latest cryptocurrency market crash.
EOS Price Prediction
The four-hour chart below shows that prices have traded within the $0.83 and $1 support and resistance levels for the past week. However, the current bullish push is looking likely to hit the $1 resistance level and break to the upside. Breaking out of the current price level will establish a new bullish trend.
Therefore, my long-term EOS price prediction expects the prices to hit and trade above the $1 price level. There is also a high likelihood that we will see the prices trading at the $1.15 price level in the next few trading sessions.
However, if the prices return to the $0.83 support level, my analysis will be invalidated. It will also be a setup for another bear move.