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- EOS trades near key support after a sharp drop, with analysts watching for a potential trend reversal.
- A falling wedge pattern hints at a bullish breakout, but EOS needs strong buying pressure to confirm the move.
- If EOS holds support, it may rebound toward resistance at $0.9777, $1.2594, and a final target of $1.5051.
EOS is trading at $0.5446 after a recent decline in its value over the last few days. It is down by 0.27% over the past day and a 13.53% down by last week. The current price is now close to a support level, and that makes it important for determining the next direction of the price. According to the analysts, direction of its price in the next couple of sessions can set the tone for its near term trajectory.
Source: Tradingview
In a recent X post, Rose Premium Signals analysis highlighted that EOS has been trading in a falling wedge pattern. This pattern seems to indicate that prices might reverse and go up within this pattern in most situations. It remains to be seen if this potential deviation from this trend is going to emerge as something that traders are waiting to be confirmed.
The support zone for EOS lies between $0.50 and $0.55. This level has earlier attracted buyers and functioned as an accumulation level. If the price of EOS remains above this range it may get support to move upwards. A plunge below the support level may result in more declines before any rebound can take place.
EOS Key Resistance Levels Ahead
If EOS is to rebound, it is going to encounter stiff resistance at the critical zones. The first level of profit taking could occur at $0.9777 that is the first target. Further, if the price keeps strengthening, the next level of resistance is at $ 1.2594. This classic pattern could catapult the value of EOS towards the strong resistance level of $1.5051.
Falling wedge pattern reveals a probable trend reversal in the future but only with the presence of strong purchasing power. This would be helped by increased trading volume that would allow the breakout to occur. If the demand side fails to respond; EOS could find it difficult to begin an upward trajectory.
In the week ahead, EOS is poised to maintain heavy swings to and from support in trading, as traders reflect on its current price. A pullback from this level could signal a reversal to the upside and entice more buyers. If the price declines fail to hold in their position, we may look to more declines before reversal.
Investors should intensify their focus on measures above with specific regards to the breakout once EOS is settled near $0.55. The move at this level will help the market to decide what its next action should be. If the buyers enter the market, EOS could skyrocket back to the targeted resistance levels in the coming week.
