The price of EOS has experienced a significant price jump of 13% in the last 24 hours. It rose to $0.942 as bullish momentum resumed. The token has broken out of the descending wedge pattern, which is a significant technical signal that has rekindled investor interest.
Analyst VipRoseTr has identified critical Fibonacci retracement levels, marking the way for potential price targets.
The rise was also 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 growth.
As the market watches EOS recover, the focus shifts to its ability to sustain this momentum and test higher price levels.
A downward breakout of the wedge signals bullish momentum
As reported by VipRoseTr, EOS breaking out of the descending wedge pattern changed the market sentiment to bullish. The pattern that has emerged over the past few weeks has been a key reversal pattern for the token.
The breakout occurred near the $0.75-$0.80 mark, which was a key support area, as prices bounced back from it and did not go lower.
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This breakout is quite positive as the token forms a higher low pattern and starts moving towards important resistance levels. Increased trading volume supports the strength of the breakout and supports the forecast for further upside.
Fibonacci levels and price levels
VipRoseTr has, therefore, established three key fibonacci retracement levels that may represent major price levels for EOS.
The first target, $1.3081, corresponds to the Fibonacci retracement level of 0.382 and is the closest barrier for the token. A breakout of this level would confirm the breakout and open the way for a move higher.
Another projection at $1.5287 is the 0.618 level. If EOS manages to reach this level, it will mean further development of the bullish trend. The last level, $1.7384 represents the ultimate potential of the move and could be a big bounce for EOS. According to VipRoseTr, EOS has the potential to break through this level with sufficient speed and even continue its growth even further.
Market metrics reflect growing investor confidence
EOS’s recent performance can be attributed to market indicators showing increasing levels of investor confidence. Its market capitalization rose 13.98% to $1.44 billion as investors return to the market.
Also, trading was very active with a trading volume of $315.35 million at the time of writing.
The token supply in circulation currently stands at 1.53 billion tokens with a total supply of 2.1 billion tokens showing a controlled supply. About 73% of the total tokens are in circulation, making it highly prone to experiencing large market price fluctuations during bull runs.
What’s next for EOS Price?
EOS’s next steps will be defined by its interaction with key support and resistance levels. On the support side of things, $0.90 acts as an immediate threshold, to prevent a sharp pullback. The $0.80 level, which was a wedge breakout, is an important bearish support level.
On the resistance side, $1.3081 is the first key level that EOS needs to break to confirm the current uptrend. In addition, $1.5287 is set as a medium-term target, as $1.7384 can be considered as the last level of EOS price that can prove further upside. A move above these levels would not only confirm the continuation of the bullish trend, but could also encourage more buyers in the market.
