EOS Bears Win the Battle - What's Next?
|It’s Invest Diva's Kiana Danial https://www.investdiva.com/ with News BTC and here is your cryptocurrency update. The EOS breakout is finally here. And it’s not what the bulls were waiting for. After the massive gains towards the all-time-high level of $23 in April, EOS got trapped in a triangle chart pattern as the bullish momentum slowed down. This was just at the time when EOS dev team announced via Steemit that they are planning on establishing fair block production voting. We were waiting as the calm before the storm passes, but weren’t sure which direction the market will push the cryptocurrency. On Saturday, it became evident that the bears have won the battle as EOS/USD confirmed the break below the triangle, testing as low as the 61% Fibonacci retracement level of $12.16 before correcting a bit. On Ichimoku Kinko Hyo’s daily setup, the Tenkan line is just about to cross below the Kijun line. If the bearish sentiment keeps up throughout the weekend, we could see a touchdown of the 78% Fibonacci retracement level of $9.49 before the bulls restore power. With this, if you’re an investor who believes in EOS’s technology, you might consider the current price an ideal opportunity to buy. Despite the recent selloff, EOS has maintained its spot as the 5th largest cryptocurrency by market cap, trailing behind Bitcoin Cash, Ripple, Ethereum and Bitcoin. Coming up is for EOS.IO is their global hackathon starting June 2018. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
For more from Invest Diva, click here
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.