EOS breaks out of a multi-year downtrend, surging 25% past $0.68, signaling bullish momentum with rising volume and strong RSI.
EOS eyes $1.00 as a psychological barrier, with potential long-term targets of $2.39, backed by market recovery signs.
Key support at $0.55 holds firm after the breakout, while resistance at $0.72 and $0.95 shapes EOS’s next bullish moves.
EOS/USDT shows upward momentum breaking out from a descending wedge pattern that formed from 2020 to late 2024 as shown by analyst World Of Charts. The price trended gradually lower for years, with the breakout following years of lower highs and lower lows. This structure indicated declining market confidence, with EOS falling from highs near $8 to significant lows around $0.4 between 2022 and 2023.
The breakout occurred with strong momentum, pushing the price above the key $0.55 level and sustaining above $0.68. This movement represented a 25% gain from the recent consolidation zone. Trading volume surged, supporting the breakout’s credibility and indicating increased market participation. The market's attitude has altered as a result of this momentum shift, suggesting a possible rebound from the protracted decline.
Source: World Of Charts
Technical Indicators Confirm Bullish Momentum
Recent price action also shows a higher low at $0.50 before the breakout as per analyst faceless trader, suggesting buyer control and market strength. The RSI indicator points to strong upward momentum, approaching the overbought zone. Additionally, the MACD histogram shows a positive crossover, confirming bullish momentum as the signal line diverges upward.
The breakout has seen EOS testing key moving averages, which have shifted from acting as resistance to potential support levels around $0.55. The red EMA ribbons have aligned with this level, reinforcing the newfound support.
Key Resistance and Future Projections
EOS now faces crucial resistance levels at $0.72 and $0.95. A sustained move above these points could push the price towards $1.00, a psychological barrier. Historical data indicates that EOS has traded above $8 in the past, suggesting long-term recovery potential. The market’s increased volume supports this upward trajectory and adds confidence to the ongoing bullish trend.
Source: faceless trader
If momentum continues, EOS could target $2.39, which is a 337.28% increase from the breakout point. However, pullbacks to retest support around $0.63 remain possible. The current market structure, marked by consistent bullish candles, suggests that buyers maintain control.
The post EOS Eyes $1 as Breakout Ignites Bullish Momentum After Multi-Year Downtrend appeared first on Crypto News Land.
