EOS Price Analysis: EOS/USD might be headed towards $1.75 according to a descending triangle

  • EOS is currently inside a massive descending triangle pattern formed back in 2018.
  • The next likely target for EOS would be $1.75, the lower trendline of the triangle.

EOS is currently trading at $2.84 after a massive blow on September 3, followed by a bearish continuation on the next day. EOS dropped to $2.47 from $3.5 in less than 48 hours due to the entire crypto market's weakness.

However, EOS was the only one that managed to see a significant recovery, and it's, in fact, still up 8.6% in the past 24 hours. EOS has recently released a program offering bounties to discover issues and, more importantly, giving the community the chance to test the newly proposed EOS resource model.

Block producer engagement is critical; therefore, we invite block producer candidates to engage with the proposed resource model and provide the constructive feedback needed to make this project successful. We hope that, by including participation in this process of testing and feedback as part of our discretionary voting criteria, the proposal provides the intended long-term benefits.

EOS/USD daily chart


Unfortunately, the current bounce could very well be short-lived as a long-term descending triangle pattern is signaling that EOS could drop as low as $1.85 in the upcoming weeks. The triangle was established in 2018 and has formed a critical support level at $1.75.

It's important to note that a descending triangle is a bearish pattern and should eventually crack the support level at $1.75. Simultaneously, the $1.75 area seems quite robust and could help EOS bounce back up as the RSI would get quite overextended to the oversold zone. EOS would be facing strong resistance points at $3, $3.55, and $3,95, the high of the most recent rally.

Practically, all daily EMAs have been lost after the last crash, with the 12-EMA and the 26-EMA crossing bearishly and stopping the 100-EMA from crossing above the 200-EMA.

Is EOS hinting at a possible DeFi transition?

There is a small chance that EOS might be trying to enter the DeFi market. Just recently, Ivan on Tech had an interview with Dan Larimer, CTO of Block.one, involved in EOS development, talking about DeFi and EOS. 

Further increasing the rumors, Brendan Blumer, CEO of Block.one, tweeted the following:

We know DeFi projects are currently thriving, and EOS could very well take advantage of this market in the near future.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Three reasons why Bitcoin price is about to crash

Bitcoin is changing hands around $19,000. The pioneer digital currency lost over 1% in the past 24 hours; however, it is still in the green zone on a week-to-week basis. BTC celebrated the beginning of the first winter month with a new all-time high at $19,915.

More Bitcoin News

XTZ massive takeoff to $3 is in the offing

Tezos is trading at $2.4 following an impressive recovery from the recently established support at $2.16. The breakdown necessitated the upswing at the beginning of December from a price level of around $2.6. 

More Tezos News

Renowned analyst affirms Uniswap price is poised to skyrocket by more than 133%

Uniswap is up 5% in the last 24 hours despite rejection from levels above $4. The decentralized finance (DeFi) token seeks higher support before resuming the uptrend, likely to lead to a 133% rally in the near term.

More Uniswap News

Crypto market bull-run brakes ahead of the weekend magic

The cryptocurrency market is painted in green, apart from a few crypto assets like Polkadot, Uniswap, Yearn.Finance and Huobi Token. Bitcoin is up a subtle 0.9% in the last 24 hours, while Ethereum is trading 2.3% higher.

More Bitcoin News


Bitcoin Weekly Forecast: BTC teetering on the verge of an abyss after conquering a new all-time high

Bitcoin lived through a momentous week. The pioneer digital currency hit the new all-time high at $19,915 and stopped within a whisker of a crucial $20,000. 

Read the weekly forecast