As Bitcoin plunged to a low of less than $ 51,000, the entire crypto market was playing along. EOS did not escape this bearish sentiment, reaching $ 5.77. If you want to find out where this cryptocurrency will go in 2021, then I prepared an analysis and forecast of it.
At the time of writing EOS is trading at $ 6.68, accumulating a loss of 3.79% in the last 24 hours. Thanks to a market capitalization of $ 6.253 million, today this cryptocurrency ranks 22nd in the ecosystem.
The long-term trend is being resumed
When we look at the monthly EOS price chart we realize that we are seeing the resumption of a large uptrend, one that started since the birth of this cryptocurrency, and which was resting for a long 3 years.
Now as the whole market fills with positivity, this participant is also taking advantage to resume its trend.
After getting sufficient demand in the support zone around $ 2.30, it appears that we are seeing momentum develop that should take us much higher.
Price is not quite strong yet, but the behavior seems pretty clear: after escaping through the top of a large descending triangle, price is now resuming its long-term trend.
After accumulating some good gains during the last 4 months, the price has just found an immediate resistance and the most important, located at $ 8.50.
If this level of supply is crossed, we would be confirming the resumption of that great uptrend. Even though the odds are in favor of this scenario, it looks like we’ll see some trouble before we get past it.
Like the entire crypto market, today this coin is making a major pullback. But due to the previous trend, the current drop should not be worrisome for those investing looking at the long term.
By doing an analysis of the weekly EOS chart we can make a pretty quick forecast, and it is as follows.
The most likely scenario is that we will see a continuation of the current corrective process towards $ 5.5 $ – $ 6. Then when the pullback is complete and we see the bulls exert buying pressure, the price should start a new momentum in search of the $ 10.50 low. The next target is $ 12.50.
If this happens, we would also be seeing the break of the resistance at $ 8.50, which means the confirmation of the EOS forecast of a resumption of the long-term trend, a direction that could take it towards new all-time highs in 2021.
In order for us to think about further declines, we must first see a break of the support at $ 3.4, a highly unlikely scenario currently.
EOS price forecast for 2021. Source: TradingView.
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