How high could EOS price rise in June given its latest fundamental and technical outlook?
The price of EOS is trading just above $6.00, with an intraday range between $5.78 and $6.54 at the time of writing.
The cryptocurrency, currently ranked 24th by market cap, has fallen nearly 8% in the last 24 hours. Over the past week EOS is down about 13%, and month-to-date selling pressure has pushed EOS/USD roughly 4.5% lower.
Despite these short-term setbacks, EOS has gained approximately 124% year-to-date. A weekly close above $7.50 would boost the case for a monthly target in the $10–$15 range. Below we examine the price outlook for EOS in more detail.
One-year EOS price chart. Source: CoinMarketCap
Where to buy EOS
EOS price summary
On January 1st EOS traded around $2.73 and doubled by mid-February, reaching about $5.60. The uptrend continued after a short pause in March, with EOS climbing to a new high of $8.82 on April 17th.
A subsequent correction occurred, but EOS surged again between May 3rd and May 7th, gaining over 100% and hitting an intraday peak of $13.23 on May 7th. Buyers pushed the token further to a year-to-date high of $14.88 on May 12th.
On May 19th the price plunged dramatically—losing about 38% in a single day—and eventually fell more than 75% from the yearly high, bottoming near $3.58.
Following a rotation in prices between May 12th and May 23rd, EOS rallied more than 87% in four days before the bullish momentum cooled again.
June has not seen those extremes so far, but the outlook would improve if the $5.60 zone holds and bulls push prices above $7.50. If June price action mirrors the last week of May, EOS could test $15.
At the time of writing, EOS remains about 73% below its all-time high of $22.71 reached on April 29, 2018.
EOS price and the broader market
The broader cryptocurrency market is facing selling pressure, with most assets trading lower after a series of negative headlines.
Last month’s weakness affected EOS alongside other crypto assets, driven in large part by bearish Bitcoin action. On social media two commonly cited factors for the losses were reports of China restricting cryptocurrency trading and FUD around Bitcoin mining.
Total crypto market capitalization fell around 5% in the past 24 hours to about $1.72 trillion, down from an all-time high near $2.55 trillion. EOS currently shows a 24-hour trading volume above $2.89 billion and a market capitalization of roughly $5.8 billion.
EOS price prediction for June
EOS followed the major coins over the last week, which could be encouraging if prices start to recover together with the market leaders.
Although momentum currently favors the bears, a conservative target of $15 for EOS by the end of June is feasible if bullish conditions return. The bullish case would become clearer with a weekly close above $7.00, which would open the door to further gains.
Investors should consider the recent monthly price behavior and remain aware that EOS has shown capacity for large swings driven by market sentiment and network-related news.
EOS price: technical outlook
EOS/USD price chart and technical outlook for June 2021 according to TradingView
On the daily chart the technical picture suggests bears retain control, but a bullish breakout could push prices back toward the $14.00 area.
The Relative Strength Index (RSI) sits flat just below 50, while the Moving Average Convergence Divergence (MACD) hints at a weakening bearish momentum.
If bulls drive EOS above near-term resistance at the 23.6% Fibonacci retracement level ($6.19), the next notable hurdles are the 50-day SMA ($7.39) and the 61.8% Fibonacci level ($10.54) measured from the swing high of $14.86 to the low of $3.58.
Note that the relief rally on May 20th and the short-lived advances from May 24th–27th failed to overcome the selling congestion around the moving average, maintaining downward pressure for much of last month.
Bulls need to clear these zones before attempting the 61.8% Fibonacci area and potentially retesting the year-to-date high at $14.88.
While I retain a bullish bias for EOS, failure to break the 23.6% Fibonacci level would likely invite renewed selling and halt the recovery. A drop below $6.00 and $5.67 could extend the pullback toward the monthly low near $3.58.
What could drive EOS price in June?
Positive crypto market sentiment and continued network growth could lift EOS price in June, especially if the platform gains traction in decentralized finance (DeFi) and draws renewed interest.
Like the broader market, EOS suffered large losses in May as negative sentiment around Bitcoin and regulatory headlines out of China weighed on prices.
Earlier in May EOS experienced a major price move after Block.one proposed improvements to stake-based rewards for EOS network users, which highlighted how protocol-level developments can spur demand.
ICYMI: We are calling on the #EOS and #EOSIO communities to test, review, and provide feedback on our Stake-Based Voting and Rewards Proposal. https://t.co/5v7KBRGrPZ
— EOSIO (@EOSIO) April 30, 2021
The announcement that Block.one would fund Bullish Global, a new decentralized exchange with a $10 billion commitment and backing from notable investors, is another positive development as EOS seeks deeper exposure to DeFi. Improved network security and high scalability could help EOS attract users who prioritize fast, low-cost platforms.
Investors should monitor overall market sentiment and EOS-specific news, as both will influence the token’s price direction during June.
Note: This article is an opinion piece based on available data and should not be considered direct investment advice.