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Analysis

EOS price analysis: the bottom fell out of EOS/USD, the coin lost nearly 50% since April peak

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  • EOS is trading marginally above $12.00 amid growing bearish pressure.
  • Major support is spotted at $11.74, followed by $11.22.

Wednesday trading is a sea of red as all major cryptocurrencies are declining heavily, the second time in a space of one week.  EOS is one of the major losers down over 12% in the recent 24 hours. The fifth largest coin by market cap dropped below $12 handle and reached early Asian low of $11.84 before recovering to $12.18 by the time of writing.

At the end of April, EOS/USD spiked to a record high of $23.03 but lost nearly 50% of its value since that time. EOS trading volumes exceed $1.5B with the most active trading pair EOS/USDT.

EOS is a coin without a functional product. It has been growing on media buzz and developers’ promise to make it better than Ethereum. EOS main net is scheduled to go live in 40 days, though such big names as Bitfinex, Huobi, and eToro express their support for EOS.

Let us remind that EOS has no functional product yet, while its price growth earlier this year was supported by media buzz and developers’ promise to make it better than Ethereum.   The project plans to release EOSIO 1.0. network in summer, while the coin is returning to normal levels from a highly overbought territory.

EOS technical picture

EOS/USD came close to crucial support level created by 50-DMA (daily chart) at $11.74. Once it is broken, the coin will continue moving slower towards $11.22 (68.2% Fibo retracement) and $9.58 (100-DMA). On the upside, the local resistance is seen at $13.00, followed by 50% Fibo at $13.46.

EOS/USD, the daily chart

EOS/USD, the daily chart

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Analysis

EOS Technical Analysis: AUGUST 20, 2018

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EOS Technical Analysis

From the News

  • Huobi Global resumes EOS withdrawal after earlier suspension citing insufficient CPU resources.

Technical Analysis

EOS Technical Analysis

EOS Daily Chart by Trading View

Two days after the conclusion of that three-bar reversal pattern we mentioned in our last EOS trade plan, upsides are unexpectedly limited.

Notice that EOS prices are still consolidating inside Aug 17 bullish engulfing high low but are likely to edge higher this week providing opportunities for short traders to load up positions at $7, our immediate resistance line and previous break out level.

Remember, despite these higher highs, bears are overwhelmingly in charge considering the last two or three months trend.

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Analysis

Crypto News Flash: Bitcoin (BTC), Ethereum (ETH), Ripple and XRP, VeChain (VET), Cardano (ADA), IOTA

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From Bitcoin’s expansion in North America to a new crypto conference on Capitol Hill, here’s a look at some of the stories happening in the world of crypto.

Bitcoin (BTC) and Ethereum (ETH)

Square’s Cash App now supports Bitcoin in all 50 states across the US, which means all 33.5 million users can now use the platform to buy and sell BTC.

Meanwhile, a new partnership is bringing more than a million people to a zero-fee trading platform for Bitcoin and Ethereum. The new pact brings BRD’s 1.2 million customers to Canada’s crypto trading platform Coinberry.

Ripple and XRP

Republican Congressman Warren Davidson has invited Ripple and 32 leaders in the crypto space to talk about ICO regulations. The list of invites includes NASDAQ, Kraken, CME Group, Circle and Intercontinental Exchange (ICE), which is forming Bakkt, a new crypto trading platform.

The meeting is scheduled to happen on Capitol Hill on September 25th.

Cardano (ADA)

Cardano has released its latest weekly. Th report highlights progress on the platform’s IELE testnet and Daedalus wallet. The company has also listed new job openings.

IOTA 

IOTA’s lead developer has dropped a new update on IOTA’s Trinity wallet, announcing that the desktop release is on the horizon.

VeChain (VET)

VeChain CEO Sunny Lu is gearing up for a Q&A. The YouTube link is already live, with the session scheduled for 6:00 a.m. PST Monday.

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Analysis

EOS price analysis: Trapped in a triangle; some time before a breakout

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  • EOS stuck in a triangle on the medium term chart.
  • Retraces from upper end.

EOS is stuck in a triangle that is slopinhg on the downside and the price has started retracing from upper end of the triangle on the medium term chart, although it is still some time before the breakout of this traingle occurs.

EOS/USD is up nearly 3 percent at $5.07 just around high point of the day. On the 480-minute chart, this crypto has got itself stuck in a downward sloping channel and the price is retracing from the upper end of the triangle.

Next move is on the downside where the lower end of the triangle will come at the rescue and then comes probably a breakout point – most likely on the upside.

EOS/USD 480-minute chart:

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