EOS Fluctuates Between $2.30 and $3.50, a Breakout Will Catapult EOS above $5 in 2020

EOS commenced trading in January in a bullish trend. Before January 2020, the altcoin had been in a bear market for seven months. The coin has an opening balance of $2.59 but it rallied to $4.39 in the same month.

EOS upward move has been resisted at the $4.50 resistance zone. The coin‘s rejection at the recent high made the crypto in a downward move in February and March. After the breakdown in March, the coin resumed a range bound movement as from April. In the other words, EOS has been fluctuating in a confined range for the past nine months.

Key Supply Zones: $5, $6, $7

Key Demand zones: $3, $2, $1  

EOS monthly chart indicator reading

EOS has been in price consolidation above the $2.0 price level. There has been no significant price movement as the coin has been trading marginally. The 21-day SMA is sloping horizontally indicating the range-bound movement of prices.

EOS weekly chart indicator reading

In 2020, EOS is trading in a horizontal channel. The coin has been in range-bound movement between $2.30 and $3.50. The altcoin has been fluctuating after the breakdown in March. A breakout will put the coin in upside momentum. A breakdown will further sink the coin.

Conclusion

In 2020, EOS was not in a trending market as buyers and sellers were confined in a range. There is a possibility of a breakout at the end of the year which will make EOS appreciate. A breakout will push the price to rally above $5. In February, the price will fluctuate and appreciate.  For the rest of the year, EOS will be trading between $5.20 and $7.39.  

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.