EOS Price Analysis: EOS fails to capitalize on its entry into the DeFi space

  • EOS is currently trading at $2.74 after losing practically all its gains from the small-crypto rally. 
  • EOS price has dropped to the lows of May and seems unable to recover.

Like the rest of the market, EOS had a fantastic bull rally from its low on March to a high of $3.94 in August, a 194% price increase. Unfortunately, the digital asset is already down 30% from the peak and has dropped to the same price levels from April until July. 


BNB's entry into the DeFi market was clearly highly successful after a massive breakout above $26 and a peak of $33.38, hitting a new 2020-high. BNB blasted through all the resistance levels after several announcements from Binance, including the new LaunchPool, or BSwap, a new trading platform that allows users to pool tokens for easy earning.


Similarly, the entry of TRX in the DeFi space boosted TRON's price significantly, outperforming major coins while the entire market was going down. Even NEO had a successful entry with a notable increase in value. EOS (green line) is clearly underperforming and in fact, still going down while BNB, NEO, and TRX are going up. 

EOS/USD 4-hour chart


EOS price seems to have established a strong support level at $2.65 but fails to create clear higher lows and higher highs. According to the chart, EOS is currently in a downtrend and will need to climb above $2.84, the high of September 11 to shift the momentum towards the bulls. 

If somehow EOS manages to crack $2.84, it could rally up towards $3.03, the next resistance level. Before that, bulls need to push the price above $2.76, the 50-SMA which has been acting as a resistance point for quite some time now. On the other hand, if bears can break $2.65, EOS will be in free fall until $2.49, the absolute last support level in the short-term. Additionally, a descending triangle has been forming on the higher time frames which could lead to a retest if the x-axis of the triangle at around $1.75-1.85.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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