EOS price testing its strongest support

EOS price testing its strongest support
Written by:
Ali Raza
25th June, 16:52
  • EOS price saw a strong, positive performance in early 2020, but in mid-February, it saw a major drop.
  • The drop was further worsened by the mid-March price crash, which cut EOS' price in half.
  • For months now, EOS balanced between $2.50 and $3, but the current market trend might force it down again.
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The ninth-largest cryptocurrency by market cap, EOS, is currently testing its strongest support which managed to hold its price for months, now. However, the new bearish wave that is hitting the market right now might end up causing it to break.

EOS in 2020

EOS started this year pretty much at the same place where it sits now — near its support at $2.50. However, in the first few weeks of the year, the coin started seeing sharp growth, managing to reach the height of $4 by mid-January.

This resistance briefly rejected its price, but EOS quickly returned and even managed to break it just before February was about to start.

Over the course of February, EOS continued to rise, reaching its 2020 peak at $5.36 on February 15th. From there on, the coin started to drop.

Its first drop was quite sharp, and within days, the coin’s price found itself back at $4, although this level now acted as a support. The level managed to hold for about a week before giving in, and after cracking it, EOS fell to its next support at $3.50.

It made a single attempt to climb back up and breach $4 again, although the attempt was unsuccessful. Unfortunately for EOS, as soon as it approached it, the mid-March price crash took place, causing the coin’s price to get cut in half, and fall to $2.

Will EOS’ support at $2.50 hold?

About a week after the crash, EOS started growing again. The recovery was slow and weak, but it took it up to $2,50. The resistance held for some time, but EOS eventually managed to break it and go beyond it.

This resistance then became a support, and it held its price from going down ever since. EOS made a few attempts to go up since then, but the resistance at $3 never allowed it to even approach it properly, much less break it.

The coin spent the last two months mostly going up and down between these two levels, and right now, it finds itself at the support at $2.50, threatening to break it and go below once again.

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