EOS Price Potential: The Altcoin Can Still Reach $4.00

The EOS price potential is very clear and it seems that the altcoin is under repair. EOS still has the chance to reach the $4.00 price point and we take a closer look at the EOS news today how can that be achieved.

EOS is still bearish over the short and the medium-term. The four-hour and daily time frames are showing some bearish head and shoulder patterns and the EOS/USD pair needs to rally above the $3.00 level in order to change the bearish short term outlook.

Currently, the cryptocurrency is trying to recover the recent losses right after the cryptocurrency dropped to its weakest trading level since September 24. The EOS/USD pair has since managed to recover close to nine percent in its value since it fell towards the $2.54 level. The EOS/USD pair as one of the very few cryptocurrency that was able to stage a decent recovery once when the entire cryptocurrency market received some heavy hits and losses. Interestingly, EOS is now trading very close to its 2019 opening price.

Also, the EOS/USD pair will need to rally above the $3.00 level in order to change the current short team bearish outlook. With the price currently trading at $3.34, the cryptocurrency will have to rally further in order to reach the $4.00 level. Both the daily time framers and the four hours charts are mixed with bearish head and shoulder patterns that still have the potential to push the pair below the September 2019 trading low.

As a form of encouragement for EOS/USD buyers, the recent recline created a bullish double-bottom pattern as the sellers failed to breach the September trading low barrier. Going further, the cryptocurrency will need to stage a rally of more than twenty-two percent to invalidate the bearish head and shoulder pattern on the four-hour time frame. Looking at the long-term picture, the buyers will have to rally the pair for it to be able to start to trade above the 200-day moving average.

The EOS price potential shows us that the cryptocurrency will have to rally by more than 100 percent to invalidate the large head and shoulder pattern and the short-term sentiment towards it which is neutral. The overall long-term sentiment towards the cryptocurrency is bullish at 61.00 percent.