EOS (EOS) Price Analysis: Can It Retest Its All-Time High?

EOS price surged on Monday and crossed an important resistance level as Bitcoin and most altcoins bounced back. The token also benefited from the network’s strong Decentralized Finance ecosystem performance.

EOS price rose above the psychological $1 mark for the first time in almost two weeks. The native token of the EOS Network has surged by over 45% from its lowest level this month.

This rebound occurred as EOS Network continued to showcase strength in its Decentralized Finance ecosystem. According to data from DeFi Llama, the total value locked in decentralized applications on EOS rose to $250 million.

This figure marks the highest level of TVL in EOS dApps since Dec. 8. Key decentralized applications that contributed to this growth include EOS Rex, PayCash, and DefiBox.

EOS price soared by over 45% from its lowest level in January.

EOS Network also achieved several milestones in 2024, including the launch of the ex-Sat Network mainnet, a Bitcoin scaling project. According to the EOS Network, this network attracted millions of dollars in assets.

Moreover, EOS Network also announced its inclusion in the Coinbase COIN50 Index, a development that occurred in March.

EOS price also benefited from its ongoing partnership with Binance. The collaboration included a $10,000 giveaway for lucky winners who completed several tasks on Binance Square. Usually, cryptocurrency prices tend to react positively to such promotional events.

Demand for the EOS token in the futures market also surged on Monday. According to data from CoinGlass, the open interest for EOS futures rose to $167 million, which marks the highest level of demand in the futures market since early December.

Most of the open interest for EOS futures was concentrated in exchanges like Binance, Bybit, and OKX.

EOS price technical analysis: preparing for a new all-time high

The EOS Network token achieved its peak price of around $15 in 2021 during the broader cryptocurrency surge. However, the token later lost most of these gains as the crypto market turned bearish and disputes between the EOS Foundation and Block escalated.

The native token of the EOS Network bottomed out at $0.4700 in 2023 and has largely traded around this price level since then.

Now, the coin has formed a cup-and-handle pattern, which is a popular bullish continuation indicator. The recent decline in EOS price served as the handle section of the pattern. EOS price has also moved above the 50-week exponential moving average.

Hence, we expect EOS price to make a strong bullish breakout in the next few days, with the initial target being the upper side of the cup at $1.3423.

If EOS price breaks above that level and the ecosystem growth continues, we could see EOS surging to $6.43, which was its 2021 high.

However, it is still too early to tell whether EOS will rally and hit its all-time high of $15. To reach that level, the token would need to rise by 1,400% from the current price.