EOS Price Surges 46% After Hitting All-Time Low in November

Key Takeaways

• EOS hit its all-time low of $0.40 in November.
• A breakout above $0.84 is crucial for bullish confirmation.
• Overbought RSI raises concerns about the sustainability of the current uptrend.

EOS has faced significant downward pressure since its all-time high of $23 in April 2018, falling to an all-time low of $0.40 on November 4, 2023.

While recent price action shows signs of a potential recovery, the long-term outlook remains uncertain as EOS struggles to break above key resistance levels.

EOS Price Analysis 

The price of EOS reached its all-time high of $23 in April 2018.

Since then, it has repeatedly dropped to lows near $2, first in December 2018, then in March 2020, and again in May 2022, when it broke below this support level.

In October 2023, EOS fell to $0.55, its lowest point since the start of the 2018 bull phase. From its all-time high to the May 2021 bull cycle peak at nearly $15, EOS has been constrained by a descending trendline, forming a large descending triangle.

A breakout above this resistance would signal the potential start of the next major bull cycle, yet the price fell to its all-time low of $0.40 on Nov. 4. 

EOS Price Prediction 

Analyzing the wave structure since August 2022, EOS remains in a downtrend but shows potential signs of reversal.

After an uptrend beginning in October 2022, the price formed a lower-degree descending triangle—a corrective pattern that brought it back to its starting point. 

Until Nov. 4, it could have concluded a WXY correction pattern, hinting at the start of a new bull phase. Since its recent low, the price rose by 46% to a high of $0.61, but this encountered resistance at its horizontal support zone mid-point.

In addition, the daily chart Relative Strength Index (RSI) signals overbought conditions, raising concerns about the uptrend’s sustainability. 

If EOS resumes an uptrend, the first awaited interaction will be at the $0.84 resistance intersection with the horizontal and the descending line. From this point, two scenarios will be in play.

Either the price gets rejected, or it makes a breakout. If we see a rejection, it should maintain above $0.60 on the following retracement, likely ending its first lower-degree correction.

A bounce could set up the price of a breakout in the next advancement. 

In conclusion, we cannot be bullish about EOS long-term until we see a breakout above $0.84. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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