🌎 EOS Tests $0.70 Support Amid Bearish Market Trends

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EOS has dropped over 10% in the past 24 hours, testing a critical support zone around $0.70. While the current trend remains bearish, this level offers a potential opportunity for a bullish reaction if market demand increases.

EOS Enters a Key Market Phase

The cryptocurrency EOS has entered a significant phase in its market structure following a steep corrective move. This decline has brought EOS back into the $0.70 support zone, which holds notable importance due to historical price reactions and strong technical confluence.

The recent sell-off has sparked concerns about a possible breakdown. However, the structure of the decline suggests it is more likely a corrective phase rather than a full trend reversal. Traders are closely monitoring this level to determine whether the broader bullish trend can resume or if the downtrend will deepen.

Key Technical Points to Consider

Major Support Zone: The $0.70 level aligns with key technical indicators, including daily price structure, VWAP (Volume Weighted Average Price), POC (Point of Control), and the 0.618 Fibonacci retracement.
Corrective Price Structure: The recent drop appears to be a retracement rather than impulsive selling, indicating potential for recovery.
Resistance Objective: If the $0.70 support holds, the next upside target becomes $0.93.

Technical Analysis of EOS

EOS is currently trading just above the $0.70 support zone, which displays strong confluence as multiple technical indicators converge here. These include the daily horizontal support level, VWAP, the Point of Control derived from recent volume accumulation, and the 0.618 Fibonacci retracement level. In the past, EOS has demonstrated bullish reactions following similar pullbacks into this region.

Despite the sharp decline, the price movement appears corrective rather than impulsive, suggesting a sell-off into support rather than a collapse of the overall market structure. As long as EOS remains above the $0.70 level and avoids closing below it decisively on higher timeframes, the potential for a bullish reversal stays intact.

Critical Signs to Watch

For the bullish scenario to materialize, EOS must show clear signs of recovery from the $0.70 support zone. This could include reclaiming the value area high and establishing short-term momentum. These signals would indicate a potential bottoming formation.

However, until such confirmation occurs, the market remains vulnerable to further declines. If $0.70 fails to attract sufficient demand, EOS could face deeper downside pressure.

Potential Price Action Scenarios

If EOS holds above the $0.70 support zone and demonstrates signs of a bullish reaction, a rally toward the $0.93 resistance level becomes increasingly probable. On the other hand, failure to maintain this support would invalidate the bullish setup and pave the way for further declines.

Traders should look for confirmation via increased trading volume and a recovery in market structure before adopting any directional bias.