EOS Price Fails To Reach $4: Bottoming To $3 Is On The Horizon

Libra Coin News
Thu, 08/15/2019 - 11:30
Vera Yurina
EOS fails to reach $4 level – is it the beginning of the end? Find out why TradingView users think EOS will fall to $3
Cover image via www.123rf.com
Contents

The crypto market is on fire: just a day ago, traders were promised huge gains and today, most coins are red with 10%+ losses. EOS did not become an exception. Following other altcoins, it failed to reach long-awaited $4 level. What will happen from now on? Read the short-term EOS price predictions from TradingView users: some of them have foreseen the outcomes we’re witnessing.

Support line didn’t hold

EOS price chart by Tradecipher

Although this prediction was posted a week ago, it’s still relevant.

EOS was sold off during the week. When the price declined below current support at $4.05, EOS traded as low as $3.65. Should $3.65 fail to hold (now we see EOS is around $3.5), the price can sell off into support at $3.00. 

Thus, we should wait for EOS price increase above $4.40. It might happen now sooner than in the previous week. Then, it can go as high as $5.30-$5.50.

Related
ETH, XRP, BCH, LTC and Other Top Altcoins Capitulate on the Heels of BTC Crash

Other trading opportunities

EOS price chart by ForecastCity

This forecast also might be used as a great trading pattern, but with slightly different, lower numbers. If you’re going to trade EOS/ETH pair, here’s your golden chance. The possibility of temporary retracement to suggested support zone actualized, and EOS goes even lower. Thus, traders can set orders based on Price Action and expect to reach short-term targets. The entry zone starts right now, though EOS can get even lower.  

As ForecastCity reminds: Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.

Right now, EOS, approaches BUY zone again, so you may take the second chance to make profits.

A few technical details

EOS price chart by alanmasters

Although currently, EOS/BTC pair is losing its value, technicals are still on the bright side.

  • We have strong bullish divergence on the MACD and RSI. When this signal comes up on both indicators it signals strength. 

  • The recent descending channel was broken out.

  • Challenging EMA10 with a bullish candlestick. 

  • TD Sequential bullish. 

  • MACD bullish crossover. 

Now, the pair has to break 0.0003682 with good momentum to see EOS/BTC move higher. You can buy EOS now to see 40-50% profits later. 

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Alt season will start in September

EOS price chart by blacksun

The main reason for this forecast is that we are reproducing in a subtle, but quite a close manner, the beginning of the bull market in 2015-16. BTC had a strong push in Oct-Nov 2016, and behaved in a similar fashion as now, where it is consolidating at a rather high level like it did in Dec-Jan 2015-16. 

What happened after that, 3 years ago, is that major alts, like NEM, ETH, DASH stagnated during 2-3 months, even broke slightly bearish for some, and suddenly exploded, while BTC was correcting a bit. We are during this hesitation phase right now, and we just need BTC to stay between somewhere between 10k-12k for us to repeat the same pattern as 3 years ago. 

Of course, things don’t have to go exactly the same way, obviously, but the dynamic right now looks very similar to the winter 2016-17. BTC broke bullish in Oct 2016, consolidated, and ETH broke bullish only on Jan 2017. All we need is BTC to keep consolidating, and we're good to go for the alts. 

EOS price charts from TradingView

About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.