The long-term consolidation of the EOS price in the range of $2.4-2.5 finally paid off in November. Within 2 months, buyers actively bought the entire offer of sellers in this range. The price growth to the mark of $3.89 is for the second time in the range of $2.4-2.5. And for the second time, buyers are facing serious resistance on the way to breaking the downward trend in the EOS market. You can see it on the chart below:
Why the local level of $3 is important?
However, if we compare these attempts to break the EOS price up, the current attack looks more effective. Yes, the price is still below the global trend line and sellers are reliably protecting it. However, the formed local consolidation with a critical point of $3 forms a foothold for a new attack on buyers and the beginning of the medium-term growth trend.
If we compare the price movement of EOS and BTC, so far EOS is significantly behind in the race. Yesterday’s initiative of buyers did not even come close to local highs, while the BTC price updated the previous high. Now on the market, all attention is focused on BTC, ETH, and the most promising DeFi tokens, which are new fresh and inspire a lot of prospects.
Though, disarming EOS sellers in this price range, buyers will create a great chance to continue growth to $5.3.
Fixing above $3.6 this week, the balance of power in the ETH market will significantly change. And investors will be happy to consider this coin for investment. Thus, the loss of the local foothold of $3 will return the price to the range of $2.4-2.5. Buyers will already be defending themselves from the threat of falling to $1.5. So, we will intently follow the EOS price movements and keep you informed about the latest events.