2018-11-1 19:09 |
Ethereum competitors EOS and Icon have been both forming a series of higher lows since mid-August. Both platforms have undergone severe depreciation this year as investors showed reduced confidence in blockchain platforms developed for business. EOS has depreciated around 65% since its mainnet launch in June while Icon has depreciated around 77% from its June price.
With both now forming a series of higher lows, are these platforms setting up for a comeback to outperform? It is questionable as bitcoin is also showing similar price patterns and much of the future price action of these coins is likely to depend on the price action of Bitcoin.
EOS (left) & Icon (right) both form a series of higher lows. EOS & ICON Daily Chart – Source: Tradingview.comThe key market movement of this year has been Bitcoin keeping its value better than those of altcoins. this makes sense as altcoins will be the first investors will lose confidence in during downturns. Their networks are the most recently launched, and their value propositions are the least well established.
In comparison, Bitcoin’s network has been operating since January 2009 and is secured by a huge amount of computing power. The decrease in altcoin value in comparison to Bitcoin has resulted in Bitcoin’s share of the cryptocurrency market cap being 54%. With Bitcoin approaching the end of a triangle pattern, whatever way it breaks out of this is likely to have a corresponding impact on blockchain platforms such as EOS and Icon.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: EOS and Icon are both exhibiting a series of higher lows which would be bullish alone but is actually the same price pattern which is being exhibited by Bitcoin. Both EOS and Icon have undergone severe depreciation this year. With Bitcoin approaching the end of a triangle pattern and representing 54% of the total market cap, whatever way it breaks out is likely to have a corresponding impact on EOS and Icon. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.EOS & Icon [ICX] Showing Similar Price Patterns, Setting Up to Outperform? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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