2018-9-28 18:01

The EOS hackathon is recently after wrapping up it’s London Hackathon which is part of a global series of hackathons focusing on the EOS platform. The next in the series is scheduled to take place in San Francisco in November.

The price of EOS has been steadily increasing over the past few weeks as these events have been taking place. The price underwent sharp declines since its mainnet launch in June. However, the price seems to have reached its bottom near $4.2 and has significantly increased from this point. EOS is currently trading around $5.8. The price increases could reflect an increased optimism in the utility of the token and the platform. The MACD has been diverging to the upside representative of increasing buyer momentum.

EOS Daily Chart – Source: Tradingview.com

The hourly chart has been showing a gradual uptrend which has been taking place since the 25th. Price action has moved above the hourly 50, 100, and 200 EMA the 50 EMA now seems to be acting as dynamic support. The MACD has started to converge back towards the centerline which shows momentum may be shifting back towards the sellers. However, with the longer timeframe looking bullish, this may not have much impact.

EOS Hourly Chart – Source: Tradingview.com

The outlook for EOS is currently neutral. As it stands, EOS looks to have a bullish analysis, but many altcoins are following the market leader Bitcoin closely. While the descending triangle pattern is still in play for Bitcoin, this is the key thing to monitor for traders forecasting future price.

Bitcoin Descending Triangle. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: The longer timeframe is bullish with a gradual increase in price and MACD diverging away from the centerline to the upside. Hourly MACD performed signal line crossover to the downside and is converging towards the centerline indicative of increasing seller momentum. Outlook is neutral for EOS as it is likely to follow the market leader Bitcoin, the descending triangle is the key pattern to monitor. 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 Steadily Increases After Hackathon was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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