EOS (EOS) has been on a downtrend for the most part of this year. The coin managed to see a few rallies, but the general trend has been on the south. The coin has recently fallen below a crucial support zone. Here is what we know so far:
EOS has fallen below $2.09, a crucial support zone over the last few days.
The coin was trading at $1.95 at press time, down around 4%.
We expect EOS to retreat towards $1.85 before its next leg up.
Data Source: Tradingview
EOS (EOS) – Will the downward trend reverse
There were some signs last month that EOS had started to turn a corner. The coin in fact rallied quite significantly, at some point testing the $3 mark. But things have not been smooth sailing ever since. As the crypto market comes under severe pressure, we have seen EOS drop even further.
However, most analysts were looking to see if the token would hold the $2.09 support zone. While bulls tried to defend this threshold fiercely, the weakness was just too much. As a result, EOS is now trading at $1.95, and we expect weakness to continue in the coming days.
The token is likely to fall and start consolidating at around $1.85 before it finds its next leg up. But if bulls are not able to defend $1.85 sufficiently, we may see further drops in the near term.
Why you should buy EOS?
EOS (EOS) is a highly scalable blockchain that is used to launch and deploy decentralized applications. With a market cap of around $1.9 billion, it is indeed a promising long-term project that could offer immense value for any investor.
Even though EOS has seen some weakness in recent days, the long-term outlook, especially over a year or so, still remains very good.
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