EOS price has witnessed a remarkable 13% price surge in the last 24 hours. It rose to $0.942 as bullish momentum resurged. The token has broken out of a descending wedge pattern, a significant technical signal that has reignited investor interest.
Analyst VipRoseTr has identified critical Fibonacci retracement levels, marking the path for potential price targets.
The rally has also been supported by a 107.56% increase in trading volume, with activity reaching $315.35 million. The combination of technical patterns and growing market participation points to the possibility of further upside.
As the market watches EOS’s recovery, the focus shifts to its ability to sustain this momentum and test higher price levels.
$EOS Targets a Bullish Breakout! 🚀"#EOS just broke out of a descending wedge and is heading toward key Fibonacci levels 👀
Major targets are at $1.3081, $1.5287, and $1.7384 🎯
And my personal opinion – EOS might smash through resistance with strong bullish momentum 🚀#EOS… pic.twitter.com/cYsfM7AtQ0
— Rose Premium Signals 🌹 (@VipRoseTr) January 3, 2025
Descending Wedge Breakout Signals Bullish Momentum
As reported by VipRoseTr, the breakout of EOS from the descending wedge pattern has changed the sentiment in the market to bullish. The pattern that has emerged over the past few weeks has been a key reversal pattern for the token.
The breakout happened close to the $0.75-$0.80 mark, which was a crucial support area, as prices bounced off from it and didn’t fall lower.
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This breakout is rather positive as the token forms the higher low pattern and starts moving towards the important resistance levels. Increased trading volume supports the strength of the breakout and supports the forecast of further upward movement.
Fibonacci Levels and Price Levels
VipRoseTr has, therefore, established three key fibonacci retracement levels which may pose as major price levels for EOS.
The first target, $1.3081, corresponds to the 0.382 Fibonacci retracement level and is the nearest barrier for the token. A break of this level would confirm the breakout and pave the way for a move higher.
The second projection $1.5287 is the 0.618 level. If EOS manages to reach this level, it will mean the further development of a bullish trend. The last level, $1.7384 presents the ultimate potential of the move and could be a major bounce for EOS. According to VipRoseTr, EOS has the potential to break through this level with enough speed and even continue growth even further.
Market Metrics Reflect Growing Investor Confidence
The recent performance of EOS can be attributed to market metrics that show an increasing level of confidence from the investors. Its market capitalization has risen by 13.98% to $1.44 billion as investors come back to the market.
Also, trading has been very active with trading volume standing at $315.35 million as at the time of writing.
The circulating supply of the token currently stands at 1.53 billion tokens with a total supply of 2.1 billion tokens showing controlled supply. About 73% of the total tokens are in circulation, and this makes it have a high tendency of experiencing large price fluctuations in the market during bull runs.
What’s Next for EOS Price?
The next steps of EOS will be defined by its interaction with key levels of support and resistance. On the support side of things $0.90 acts as an immediate floor, to prevent any sharp pull backs. The $0.80 level, which had been the wedge breakout, is an important support level against the downside.
On the resistance side, $1.3081 is the first crucial level that EOS has to break in order to validate the current uptrend. Besides, $1.5287 is set as a midterm target, as $1.7384 can be considered as the ultimate EOS price level that may prove the further growth. A move above these levels would not only confirm the continued bullish trend but might also encourage more buyers in the market.
