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- 1 EOS price prediction suggests that recovery will continue in 2024 and the price may show a decent rally.
- 2 EOS crypto price struggles to climb above the 200-day EMA.
- 3 The August 2023 high is acting as an immediate barrier for the bulls.
EOS price prediction for 2024 suggests that bulls will lead the rally and the price might trade above the 2023 high. EOS price woke up after three long months of consolidation and showed signs of a bullish trend reversal.
Buyers succeeded in holding the price above the 50-day EMA which indicates mild bullishness. However, the 200-day EMA is acting as a hurdle for the bulls. The confirmation of the bullish trend reversal will come when the price climbs above the 200-day EMA and is sustained.
At the beginning of November, the EOS price broke out of the $0.600 hurdle and expanded the range upward. Gradually, the price began to recover and pick up momentum. It recovered the losses of the last three months and reached the August 2023 high.
The momentum in the EOS price halted near $0.756 and witnessed a minor sell-off. However, the price did not decline much and took support at the 50-day EMA. It shows the presence of buyers at the lower level who are ready to buy in dips.
At the time of writing, EOS price is trading at $0.689 with a one-day decline of 1.43%.
EOS Price Analysis Suggests Calm Before the Storm?
EOS price prediction favors the bulls and suggests it might show a decent rally in 2024. The recent recovery from the demand zone looks reliable because it is supported by a more-than-average buying volume.
At present, the EOS crypto price is consolidating in between both the EMA denotes that the price might show wild movement in any direction.
However, the chart structure of EOS is bullish so the probability of upward momentum remains high. The analysis suggests that buyers have dominance in EOS so investors may look to play bullish bets.
EOS Price Might Trigger The Next Phase of Rally
EOS price might trigger the next phase of the rally when buyers are able to break the $0.756 hurdle. To increase the probability of reaching $1.00, buyers have to take control over the supply zone at $0.756 to $0.838.
If the buyers succeed, then the EOS price may go beyond $1.00 and generate more than expected returns for its investors. Therefore, till the EOS price holds the $0.600 level, any minor dips will be an opportunity to accumulate the gem.
Conclusion
EOS price prediction for 2024 stays bullish and suggests that the crypto may trade above the $1.00 mark. However, the buyers need to take control over the supply zone to make this possible.
Technical Levels
- Resistance levels: $0.756 and $0.838
- Support levels: $0.600 and $0.518
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.