EOS Bears Win the Battle - What's Next?
Kiana Danial | May 13, 2018 01:33PM ET
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 passed, but weren’t sure which direction the market will push the cryptocurrency.
EOS/USD Technical Analysis
On Saturday, it became evident that the bears had won the battle as EOS/USD confirmed the break below the triangle. It tested 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.
Investing Strategy
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 for EOS.IO is their global hackathon starting June 2018.
As the 4th point of the calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.