EOS Price Forecasts and Trigger Levels

The business-focused cryptocurrency, EOS, has been in a range consolidation pattern for the latter part of 2022. This then sets up a potential breakout from the non-trend environment, and we look here at possible bullish and bearish trigger levels.

EOS in Holding Pattern

EOS is a cryptocurrency based on a blockchain and a decentralised platform used to host and run business applications. The open-source software called EOS.IO is used on the platform and cryptocurrency tokens, EOS, are used as a payment system on the network.

EOS has been in a holding pattern for the past 2-3 weeks since the mid-December sell off to 83.15. This leaves the market within a short-term digestion phase, which sits within a wider, intermediate-term consolidation between the 106.69 and 78.95 levels, and broader at 78.95 to 121.81.

Within the near-term range, there are immediate technical trigger levels for a breakout that traders and investors of EOS need to monitor, which we review below.

Upside Trigger Levels

The immediate upside focus is on the bear gap from mid-December which is at 90.51-91.38. Through here would open up a more bullish tone, having secured a short-term technical basing pattern. This would then open upside prospects for a move towards 101.71 and 106.69 into January. The overshoot risk deeper into the first quarter is towards 121.81 and the 123.45/125.91 resistance area.

Downside Trigger Levels

A break below the cluster of support lows and 84.44, 83.15 and 82.58 and the associated trend line will open up risks to retest the bear market cycle low from November at 78.95. Surrender here would open up a bearish, Fibonacci extension target at 66.65.