- EOS id down 9.93% in the last 24 hours after breaking the bullish trendline support at $5.82.
- Globally, stocks have taken a plunge between 3% – 5%.
EOS declines are unstoppable following the formation of a subtle double top pattern. The reaction to the pattern was catalyzed the high volatility in the market that has led to the plunging of prices across the board. The worst hit by the declines are the major cryptocurrencies in the top 20 bracket. EOS id down 9.93% in the last 24 hours after breaking the bullish trendline support at $5.82. This opened the door for more losses as EOS fell like a stone in the air past several other support zones at $5.6 and $5.4.
At the moment, $5.3 has given in to the selling pressure that seems not to slow down. The next support is at $5.2 while the lifeline support at $5.0 is well within reach. All indicators are pointing towards continued declines at least in the short-term. But if the buyers can avoid declines below $5.2 then EOS can find balance and prepare for a pullback.
The markets are jittery both in the crypto space and the stocks. Globally, stocks have taken a plunge between 3% – 5%. At the same time the majority of stock indexes are recording losses ranging from 10% to 20%. Gold is reported to be performing relatively higher and is believed to be used to hedge against the falling stocks. However, cryptos seem to be losing their competitive edge with more mature assets like gold. The reaction of crypto prices to stock prices is hard to explain because both of these assets have different drivers for their price actions. However, the current reaction could be associated with the Fed’s actions in terms of interest rates.
At the same time, it is not clear if the funds that are coming out of the stocks will end up in gold and other bond related products or digital assets will get a boost as well.
EOS/USD goes up by 20% as bulls have a triumphant day
- EOS/USD went up from $2.92 to $3.52 charting a 20% increase in their value.
- Bulls have eyes set on the critical $4.25 resistance.
EOS/USD’s price has increased by a staggering 20% value, going up from $2.92 to $3.52 this Monday. On a day when the entire crypto market has been on the rise thanks to positive sentiment from JP Morgan’s JPM Coin, EOS/USD’s growth percentage has been the highest. The EOS/USD bulls will now want to maintain the momentum and breach past the $4.25 resistance level.
EOS/USD daily chart
The bulls took momentum and zoomed past resistance at $3.10. Currently, the market is trending above the 100-day simple moving average (SMA 100) curve, which indicates an extremely bullish market. The buyers have the critical $4.25 resistance line in sight. If they can gain more momentum, it is highly possible that the $4.25 resistance line will be breached as well.
Cardano Price Gains Another 11% on the Road to $0.05
It would appear the bullish market momentum which materialized yesterday, has not relented as of yet. A bit of a surprising development, but a positive market development nonetheless. The Cardano price is still noting strong gains, following its recent 11% uptrend. If this momentum remains in place the $0.05 price level should be reached fairly soon.
CARDANO PRICE CONTINUES TO SURPRISE
It is evident there are many different types of momentum within the cryptocurrency industry. Although it is obvious most markets need a bullish Bitcoin price trend first and foremost, the current gains are pretty interesting regardless. Cardano, for example, is rising in value fairly quickly all of a sudden, primarily because it successfully improves its position over Bitcoin.
Over the past 24 hours, the Cardano price has noted a very impressive rise in value of 11.4%. This brings the current price to $0.0477, which means $0.05 is not that far away either. In terms of ADA/BTC, it appears there is a 5.9% uptrend to take note of as well. Both trends confirm the bullish crypto market momentum is not necessarily going away anytime soon.
There is some genuine excitement regarding Cardano on social media as well. On the surface, this has everything to do with the recent price increase first and foremost. Ryuzaki is confident this is the bull run people have been waiting for. Similar momentum seems to affect some other top altcoins as well, which can lead to either further gains or a massive decline.
Thank you my friend appreciate it! 🙏🙏🙏
— Ryuzaki (@RyuzakiBTC) February 19, 2019
It would appear the current ADA price chart is getting a lot of attention, which is only to be expected at this point. With Bitcoin giving all markets a helping hand, it is somewhat normal to see the top markets gain over 10% without too many problems. Even so, this is not a push to the moon whatsoever, as there is still a lot of room for a possible reversal.
— Burak namıdeğer minik adam ÇİKO (@burakuas83) February 19, 2019
Especially where ADA/BTC is concerned, it would appear things can get pretty interesting over the coming hours and days. More specifically, it seems the first level has already been reached in this regard, which can easily indicate some profit taking will occur fairly soon. If and when that happens, it seems logical to assume the Cardano value might take somewhat of a hit.
— Crypto_Dark (@Crypto_Darky) February 19, 2019
For the time being, there is so much green across all charts one has to wonder if this is a dream. However, it appears this is a form of market reversal which has been long overdue. As long as the momentum remains positive, there will be further gains across the board. However, one has to keep in mind over $5bn was added to all markets in less than a week, which is usually unsustainable in terms of long-term growth.
EOS sentiment: EOS is ripe fo a short-term correction on February 19
- EOS is the best performing coin in top-10.
- The coin is at risk of a short-term correction.
EOS is the best performing coin in top-10. It has surged from $2.92 on Monday opening to $3.60 by the time of writing, gaining over 23% since the start of the week. The strong recovery returned EOS to the fourth place in global cryptocurrency rating produced by CoinMarketCap.
A cryptocurrency exchange Trade.io added EOS to the list of its tradable instruments on Monday. Trade.io is outside top-100 exchanges by trading volume; still, the news high has increased positive sentiments around the project.
Looking technically, EOS/USD may be easy for a short-term correction after a strong rally with the initial aim at $3.50. The intraday Relative Strength Index (RSI) stays on the overbought territory, increasing the chance of the downside movement.
If $3.50 gives way, the sell-off may be extended towards $3.10 guarded by SMA50 (1-hour). This barrier is followed by psychological $3.00 with SMA100 (1-hour) located marginally below this handle, and $2.90 (the upper boundary of the previous change and SMA200, 1-hour).
On the upside, a move above Monday’s high at $3.88 will take us to $4.00 where new selling orders are likely to appear.
EOS/USD, 1-hour chart