The crypto market has failed to show any signs of making a strong recovery as the year ends. Bitcoin’s dip to $48K has created a bearish trend for most of the market. However, some few coins are still making gains, and EOS stands as one of the few gainers in the market.
EOS is trading at $3.46 at the time of writing after an 8% gain in 24 hours.
EOS price analysis
The EOS token has been putting up a strong uptrend despite the recession happening across the broader market. While it is yet to reclaim the monthly highs made towards the end of November, it is still making notable gains.
If EOS can continue with its bullish trend, it could break past the next resistance level of $3.50. The highest level attained during the past 24 hours was $3.52, and if there is strong buying support, such levels could be attained again.
However, for EOS to reach $4, it also needs support from the broader market. It last attained these levels earlier this month before the market took a plunge.
If buyers fail to accumulate more and short-term traders decide to sell, the coin could take another sharp dip to move towards $3.20. So far, the token has not made notable dips below $3, and it could fail to move below these levels if the broader market continued to consolidate.
The gains made by the token come as the EOS community voted against making payments to Block.one. Block.one is the company behind the development of the EOS token. According to the EOS community, Block.one was no longer working for the interests of the network, as it did not create any use cases for EOS.
The EOS community is taking a bold move to grow the network, which has played a notable role in the recent bullish rally.
Where to buy EOS
If you want to buy EOS during the current gains, you can create a cryptocurrency exchange account on eToro. eToro is one of the leading exchange platforms, and it supports a wide range of cryptocurrencies and trading pairs. It also supports a user-friendly interface that makes the platform easy to use.
Your capital is at risk.