2018-8-24 16:53 |
The price of EOS returned to support near $4.6 yesterday after the downward spiral continued for its price. The price has been in a downtrend since its mainnet launch and last weeks 20% gain is looking to be an exception amid a suffering altcoin market. Today’s daily candle is so far forming a Doji on low volume. A continuation of downward movement seems likely.
Bitcoin has been performing well this week, but the altcoin market has failed to mirror its performance as it has done it in the past. It appears a lot of money is coming out of altcoins and moving into bitcoin and fiat currency as investors lose confidence. There is a number of technical reasons to be bullish with a higher low priced in for the price and the MACD converging, but with a bullish reaction failing to materialize, this leaves us with a strong bearish outlook for EOS.
EOS Daily ChartPrice is currently trading in a tight range around $4.7 as can be seen on the hourly chart. Price typically trades in a range before big directional moves, and it seems that this one is set up for a move to the downside. In the event of a rise up, it would likely be met by resistance at the 50, 100, and 200 EMA’s which is many levels to overcome. The 200EMA is currently trading at the $5 level which would most likely provide additional resistance. It would take a huge influx of buyers or some positive news in relation to the altcoin market for the next directional move to be a significant one to the upside.
EOS Hourly ChartKey Takeaways:
Strong bearish outlook Currently trading in a tight range around $4.7 which price action tends to do prior to big directional moves Next directional move looks likely to be to the downside with a lot of resistance levels on the hourly chart to the upside Important support level at $4.6 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 Price Continues Downward Spiral – Strong Bearish Outlook was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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