So you like EOS as a cryptocurrency? You’re not alone. The token is the sixth by market capitalization, which is a very high place if you take into account that it’s playing at the same pitch as the world’s bigger boys and giving them a run for their cryptocurrency.
But we have a mixed bag for trading on EOS. It’s had a bad last 24-hours, losing 1.34% the sixth biggest cryptocurrency stands at $6.34 as we write this EOS price analysis. On the other hand, it’s still had a pretty stable week gaining 0.6% in value. It’s not been among the best performers in the top 10. So let’s see what can technical analysis tell us about EOS today.
It’s a mixed bag. The hourly analysis is in the “strong sell” while the daily one is “neutral.” The weekly and monthly are in “strong buy.” So what should you make of this? Read on.
The daily analysis is not looking great, but it has some potential. First of all, it’s trending sideways. The trend seems to be transitory, and it’s been preceded by downward trends during the day. That’s not the worse thing.
The real problem is that we haven’t seen high trading volumes all day long and the most significant volume we saw was as EOS was losing volume. So it looks good on the surface, but not that well if you dig a little deeper.
The spot price is beneath the pivot point by about ten cents. So if a real surge in trading volumes follows, then the price would keep going up until it finds resistance at $6.8374 level. Could this really happen? Yes, it can for sure. But we’re talking about a weekend that’s ahead of us, which is usually dominated by bears so if you’re interested in EOS as a serious option it would be better for you to wait until next Monday and give it a fresh start.
The monthly analysis looks very much the same. The price is between the pivot point and the first resistance level. The difference is that the monthly indicators and moving averages all point to strong buy positions. So it’s basically the case in which you’re standing at the same place as the daily analysis but the compass points in a different direction.
So both analyses tell you are at the very same place. You’re just below the pivot point but in a trend that could bring about a surge at any time, except it’s a weekend and the trading volumes are low. So what to do?
EOS is a substantial project with sound fundamentals. It will perform in the market sooner rather than later. But not today. For the time being the best option would be to wait until Monday and see how the market is moving. It’s not moving now so you’d need to be very lucky or patient to make money trading in these conditions.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.