The bear market maul has continued with several cryptocurrencies seeing visceral bleeds. Many cryptocurrencies also saw position changes on the cryptocurrency chart, an event that saw market cap changes and overtakes. Bitcoin [BTC], Ethereum [ETH] and EOS have not stopped falling on the price spectrum with double-digit drops becoming a common sight.
At the time of writing, EOS was spiraling by 20.85% with a total market cap of $1.581 billion. The cryptocurrency was trading for $1.75 and was holding a 24-hour market volume of $820.937 million. A majority of the trade volume was held by OKEx which had a grasp on 13.71% of the total EOS trade. OKEx was followed by DOBI trade, which controlled $72.406 million worth of EOS on the network.
December has not been kind to EOS proven by the fact that since December 1, the cryptocurrency closed at a lower price than the previous day. Over the past week, EOS has been severely wounded by the bear with recent reports showing that the cryptocurrency has dropped by more than 30% in a seven-day time frame. It has also lost its position as the fifth-largest cryptocurrency after the climb of Stellar Lumens [XLM] and Bitcoin SV [BSV].
Bitcoin SV has made a splash in the crypto verse as it is the only cryptocurrency, other than Tether, that is enjoying a bullish run. The rise has been substantial too, with Bitcoin SV spiking by more than 18%.
The EOS community had some reason to rejoice recently when it was revealed that EOS had the most number of transactions compared to any other cryptocurrencies, even surpassing that of Ethereum [ETH] and Tron [TRX]. The finding also showed that EOS and Tron cumulatively contributed to 82% of all cryptocurrency transactions.
EOS (EOS) Predictions: Is the Downfall of EOS Over or Bear has More Plans?
EOS cryptocurrency is backed by blockchain technology and supported by EOS.IO protocol. The specialty of this protocol is it imitates major features and attributes of a real computer and its components like CPU and GPU. EOS cryptocurrency works on a smart contract platform and its decentralization what helps the users to have complete control on the transactions and anonymity. This platform aims to facilitate transactions on a minimum cost and less turnaround time.
EOS coin is the 6th largest coin in the global crypto market with an ROI of 360.26%. A total of 944,040,817 EOS coins are in supply. The current market cap as on 2nd May at 04:44 UTC is 4,480,487,563 USD. The value of each coin stands at 4.75 USD and 0.00087936 BTC. The 24h volume at the same UTC is 1,564,267,107 USD. The coin’s all-time high was on April 29th at 22.89 USD.
EOS coin was being traded around 2.5 USD at the onset of 2019. However, it managed to get a good growth over the last 4 months. The lowest point for EOS was on 29th January at 2.25 USD. There have been certain cases of steep ups and downs for EOS as well. On the last week of February, it managed to grow by 80% in just 3 days. But the major growth was achieved after 1st April boom. It managed to get and sustain 50% growth in just 4 days’ time. The current status of the coin is affected by price correction. The market cap on 2ndApril was 4,178,390,871 USD, and the value of each coin was 4.61 USD. The market cap as well the value in USD has increased by almost 3.03% in these 30 days.
The 1-day growth graph is volatile to the core. Speculators will be harmed by this movement easily. In the last 24 hours, there were 6 major price variations. The range of the coin was 4.82 USD to 4.73 USD.
The value will be a little lower than the current one in a few weeks, as per our prediction. It will go to 3.8 USD in the coming two weeks. After this downfall, the coin will rise to 5 USD after facing one restriction at the same price. The 2019 prediction goes with 7 USD level.
EOS could reach double digits soon: Can we easily break $7 resistance?
The altcoin market is looking healthy after a nice green day across the board, with most alts now retracing and finding support. EOS is currently resting on major support near $6. What does EOS have in store for us?
– Double digits EOS on the way?
– EOS finding support
– Need to break $7 resistance
Diving straight into the 3h chart we see that EOS is resting on its higher timeframe support of $6. This is also local support since $6 is the highs from April. Looking at our momentum indicators, the RSI and Stoch RSI shows us that this downwards move might be nearing its end.
RSI is above 40 sitting at a value of 46, which indicates we are are still bullish. We also have Stoch RSI confirming that we are nearing the floor of this retracement with it trading below the 20 line. It’s very much possible that we rest here for a day before it continues to move higher. And once we clear the $7 resistance zone is when we can expect EOS to move to double digits.
EOS/USD chart provided by Tradingview
Over at the daily chart we get a better view of the bigger picture. We notice that EOS has already broken past the 200EMA and made it’s way back to it to declare $4.5 as support. Since we made another push away from the 200EMA and broke the next resistance at $6 shows us that the chart is bullish. With EOS now finding support on the lower time frames we should definitely keep an eye on it.
EOS/USD chart provided by Tradingview
EOS finding support
Lastly, if we look at the hourly chart we get a clearer picture of current movements. EOS has found support at the 200EMA which is also our $6 support zone, confirming that we have support here. Looking at RSI we see that it’s briefly visiting below the 50 line. Usually when RSI is below 50 is when we see downwards movement, but in this case, it’s a bit different.
Since RSI has mostly been holding above 50 this past few days we can assume that the norm is currently for the price to move up. We notice that RSI suddenly moved below 50 and made its way to the 30 line, showing us that the current price action is out of the norm, and that we should return to the norm anytime soon. As soon as RSI pushes back above 50 is when we can expect to see new local highs as we make our way to $10.
EOS/USD chart provided by Tradingview
Crypto is thriving again with most coins already providing large % gains. While we wait for Bitcoin to find support, we will continue to look at alts for possible moves. EOS seems to be an interesting choice, can we break $7 and run for double digits? Let us know your thoughts in the comments below!
Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.
EOS Technical Analysis: EOS/USD is on the rise
EOS/USD Daily Chart
- EOS/USD went up from $6.43 to 6.71 in the early hours of Thursday.
- The market has had a bullish breakout from a triangle formation.
- The SMA 20 curve converged with the SMA 50 curve but then instantly diverged away, which is a bullish sign.
- The relative strength index (RSI) indicator has crept into the overbought territory.
EOS/USD 4-Hour Chart
- The widening of the 20-day Bollinger band shows increasing market volatility.
- The MACD indicator shows continued bullish momentum.
- The latest session has crept outside the upper curve of the Bollinger band.
- Nearest resistance lies at $6.75.
EOS/USD Hourly Chart
- The hourly EOS/USD chart shows a head and shoulders pattern as indicated by the rectangles.
- The Ichimoku indicator shows the possibility of a near-term bearish correction.
- The Elliot Oscillator has had three consecutive bullish sessions.
|Today last price||6.5394|
|Today Daily Change||0.05020|
|Today Daily Change %||0.77|
|Today daily open||6.4892|
|Previous Daily High||6.5|
|Previous Daily Low||5.9416|
|Previous Weekly High||5.3316|
|Previous Weekly Low||4.6113|
|Previous Monthly High||6.0726|
|Previous Monthly Low||4.2|
|Daily Fibonacci 38.2%||6.28669|
|Daily Fibonacci 61.8%||6.15491|
|Daily Pivot Point S1||6.12053|
|Daily Pivot Point S2||5.75187|
|Daily Pivot Point S3||5.56213|
|Daily Pivot Point R1||6.67893|
|Daily Pivot Point R2||6.86867|
|Daily Pivot Point R3||7.23733|