2018-8-30 18:00 |
EOS has returned back below the $6 price today. Over the past three days, EOS had recorded a gain of almost 30%, but with Bitcoin undergoing a retracement in price, investors and traders are losing confidence in the Altcoin market which has been in a strong downtrend for most of 2018. However, this downturn could be different for a number of reasons.
Firstly, the losses are on lower volume than the recent gains we have been seeing showing there is not much strength behind the pullback. Our longer-term outlook for Bitcoin also remains bullish, and with Bitcoin being the cryptocurrency market leader, it often dictates investor sentiment towards altcoins. We also have RSI and price forming high highs and higher lows which is indicative of an uptrend. The MACD also continues to converge towards the centerline as buying pressure increases.
EOS Daily ChartThe hourly chart provides a closer look at the downward movements we have been seeing. After reaching a high near $6.5, EOS underwent some sharp downturns. Each downturn EOS has undergone since yesterday has been followed by a spike upwards showing traders are not yet ready to shift their outlook to bearish. The MACD performed a centerline crossover to the downside which is a typical bearish signal but didn’t have a huge impact on price. The current outlook is neutral. Although many signs point towards upward movement from here, if altcoins keep experiencing losses investors may have a more bearish sentiment. The market leader Bitcoin should be closely monitored also as a gauge of the overall market.
EOS Hourly Chart Key Takeaways: EOS returns below $6, but many signs point to upwards movement from here. EOS had experienced around a 30% appreciation over the space of three days prior to today. Each downward movement has been followed by an upward spike showing that traders are not yet ready to have a bearish outlook. Outlook is neutral. EOS is likely to follow the overall market and Bitcoin should be closely monitored as a gauge of the market. 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 Returns Back Below $6 Amid Altcoin Downturn was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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