- IOTA price has been in a strong bearish trend as it works on Shimmer EVM.
- EOS has formed a double-top pattern on the daily chart.
- The two coins will likely retest their December lows soon.
IOTA and EOS prices have pulled back in the past few days as demand for their coins wane. EOS was trading at $0.8880 on Friday, the lowest level since January 9 of this year. It has retreated by 35% from its highest level this year. IOTA, on the other hand, was trading at $0.1780, which is also ~36% below the YTD high.
EOS and IOTA have made headlines recently as they seek to turn around their platforms. The two of them are seeking to expand their ecosystems by building their Ethereum Virtual Machines (EVM). An EVM is a piece of software that can process Ethereum transactions. IOTA is adding its EVM tools in its Shimmer product.
It is still unclear whether IOTA and EOS will gain market share because of the competitive nature of the industry. In addition to other layer 1 networks like Ethereum, Solana, and Cardano, they are competing with layer-2 networks like Polygon, Optimism, and Arbitrum.
IOTA price prediction
The daily chart shows that IOTA price has moved sideways in the past few days. It was trading at $0.1816, where it has been in the past few days This is an important price since it was also the lowest level on March 10 of this year.
IOTA has moved below the 25-day and 50-day exponential moving averages (EMA) and the descending trendline shown in green. The Relative Strength Index (RSI) has moved slightly above the oversold level.
Therefore, more downside will be confirmed if the price manages to move below the key support level at $0.177. If this happens, the next price to watch will be at $0.1556, the lowest level in December last year. This price is about 14% below the current level.
Read more: How to buy IOTA coin.
EOS price prediction
EOS crypto price made a double-top pattern at $1.3414. In price action analysis, this pattern is usually a bearish sign. It then moved below the neckline at $0.9692, the lowest point on March 11.
EOS has dropped below the 25-day and 50-day exponential moving averages while the Relative Strength Index has moved to the oversold level. It has also formed a bearish flag pattern.
Therefore, EOS price will likely have a bearish breakout as sellers target the next support level at $0.7927, the lowest point in December. This price is also about 12% below the current level. A move above the resistance point at $0.9692 will invalidate the bearish view.
Read more: How to buy EOS.
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