EOS – The Battle For Top 4
EOS arose as one of the best cryptocurrencies in the world. However, while other digital coins have been growing fastly, EOS grew only a little. Is it going to skyrocket and conquer the cryptocurrency market? Or is it going to lose its position in favor of Bitcoin Cash or Litecoin?
This is another episode of our analysis series. Last time, we looked closer to Bitcoin. Today, we want to check what happens with EOS.
Last year’s indication
EOS, as the fourth cryptocurrency in terms of market capitalization in the April’s ranking, cannot feel safe in this position. Only a small difference separates it from Litecoin or Bitcoin Cash, which has recently shown higher price volatility.
After breaking the support level at 6.8000 at the beginning of August 2018, EOSUSD continued the downward trend until the value of 4.5000. These lines determined the area in which EOS was moving until November 2018, creating the movement of narrowing arms of the triangle inside of the parallel channel. The exit was made at the bottom following the principles of the triangle formation, as a continuation of the trend, by establishing the lowest level in 2018 at 1.7440.
High mountain to climb
The year 2019 is a laborious but consistent upward trend. The first half of April was characterized by a powerful and dynamic movement, where the demand returned firmly within the price range of last year’s channel, establishing the resistance at 5.8874, which previously was an unrivaled barrier to the demand side. There was also a fight there, won by the supply side. It is possible to defend the determined upward trend line and continue the demand to the first resistance at 5.8874 and the further attempt to break and exit the parallel channel to 6.800. In case of losing the support, going down to 4.5000 level seems natural.
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