EOS Price Prediction: Here's The Recipe For Another 50% Pump

Summary:

If crypto markets remain in an uptrend during August, an EOS price prediction of $2.28 appears to be totally on the cards.

Our EOS price prediction might flip bullish for at least the short term if the price reclaims the $1.40 level. This level has become very critical since the price broke below it in June. EOS crypto has already retested this resistance once in the last week of July; however, it had to face an intense rejection.

At the time of writing, the EOS coin is trading at $1.24 after 1.1% within the last 24 hrs. The price is also trying to confirm the recent breakout of the downtrend on the 1D timeframe. A confirmation of this breakout might give price the much-needed momentum. EOS price has failed to break out of the downwards trendline since September 2021.

According to EOS news today, Mandel 3.1 RC3 has been released. This release includes several bug fixes and documentation updates. As per the EOS network stats, the blockchain is currently hosting 5.3 million wallets and supports up to 4000 TPS.

However, despite these stats, the on-chain activity on the blockchain appears to be very limited. This puts a huge question mark on the credibility of these stats. Since the DeFi explosion of 2020, many blockchains are also manipulating their on-chain data to attract more users.

EOS Price Prediction

Technical analysis of the EOS USD price chart shows that the price has been repeatedly rejected from the downwards trendline that connects all local peaks. However, the price is attempting another breakout right now, and success might unlock a huge upside.

In case of a sudden increase in volume, the price might rocket towards the $1.72 mark within no time. Nevertheless, the bulls need to overcome the $1.40 level first, which is the first major hurdle. You may buy EOS by signing up on Binance Exchange.

If crypto markets remain in an uptrend during August, an EOS price prediction of $2.28 also appears to be on the cards. This is only if the price reclaims the 200-day moving average that currently lies at $1.80. However, it is highly recommended to keep a stop loss below $1.06 in case the price faces another rejection. In such a scenario, the price is likely to retest the June lows.