Can EOS (EOS) replicate its superb start to 2021 in 2022? Price analysis and prediction below

EOS (EOS) started 2021 on red hot bullish momentum. In fact, during the first half of 2021, the coin surged past $14 and went to highs of $14.77. But despite this momentum, these gains did not hold. Following a steep correction, EOS has quite literally tanked. But can it replicate the momentum we saw in the first half of 2021 this year? Well, we will analyse this below but first, some highlights.

• At the time of writing, EOS was trading at $3.21, nearly 75% below its 2021 all-time highs.

• During its peak, EOS was one of the largest coins by market cap in the world but has since dropped out of the top 50.

• EOS is facing stiff competition from other similar projects, including Solana (SOL) and Polygon (MATIC)

Data Source: Tradingview.com 

EOS (EOS) – price analysis and prediction 2022

For most parts over the last month, EOS has been on a sideways trend. The coin has fluctuated around the $3 mark in what appears to be a consolidation of sorts. But despite this, it is likely that EOS may have seen better days in 2021. 

In fact, compared to other similar projects, it has one of the lowest user and developer adoptions. Also, a look at the chart shows that the current price is below the 20- and 50-day moving averages. We have also seen The Average True Range (ATR) tumble to the lowest levels in 2 months. EOS looks poised for a bearish trend and could hit $2.30 in the near term.

Should you buy EOS (EOS)

EOS (EOS) right now is not the hottest crypto in the market. We still think more losses are coming, mostly during the start of 2022. Only a surge above $4 will invalidate the bearish outlook. But it’s unlikely the coin will achieve that in the near term. So, a good strategy would be to wait and swoop in when the price hits $2 or thereabout.