I haven’t written anything about EOSUSD for more than a month. It is time to update EOS trading scenario and revise the targets for trading EOSUSD . Well, I’m going to make a forecast for the EOS price, based on EOSUSD analysis. First of all, I need to look ta the history of the EOS USD recent price movements.
The history of the EOS USD recent price movements
In the forecast, dated August 9, I suggested it might break through its key level at 5.10 USD and go down, below the level. The trading scenario for EOS cryptocurrency has worked out partially.
As you see from EOSUSD chart above, the target has been almost reached; it almost reached the final level at 3.83. Next, the EOS price rebounded, the buyers appeared in eh market.
EOSUSD fundamental analysis
EOS has been under the pressure of the negative news background fro a long time. Since it shifted to its own blockchain, EOS has been bursting with scandals. Look at the EOS price chart for summer, 2018.
1) June 10, 2018 – just after the own blockchain had been launched, the coin centralization was openly criticized.
2) June 22, 2018 – 27 accounts were frozen by the EOS administration.
3) July 8, 2018 – a large failure of the EOS network.
4) August 27, 2018 – the announcement about EOS network bug that allowed scammers to steal RAM resources.
As you see from the EOS chart above, although each news bit is very important, they have less and less influence on the EOS price.
It is a sure sign that the market starts ignoring the negative, and so, the sentiment becomes neutral-positive.
EOSUSD technical analysis
In the EOSUSD monthly chart above, you see a long tail of the August that breaks through the of April; but it doesn’t reach the next key level, March’s low at 3.872, and so, makes up another at 4.17.
Now, what if the EOSUSD ticker goes lower. The both levels (4.18 USD and 3.87 USD) will be active as the support levels.
It is clear from the EOSUSD weekly chart above that the least closed weekly completely covers the previous one with its body, forming the pattern.
In general, the situation in the chart is still , but you must take into account the support at the current levels that won’t let the market to go down very deeply.
In the EOS above, you see a modest uptrend, that can obviously provide some support. However, you shouldn’t forget that EOS is trading in the strong global (see the downward purple line in the chart above).
Therefore, in case of a rebound, the price momentum will be strongly limited; the price won’t go higher than 5.70.
I go on my experiment with the Tic-Tac-Toe chart. In the EOSUSD chart above, you see that five rising waves are followed by the five falling waves.
Based on the theory, the ticker is now at the end of bug wave and should be corrected up, even in such a strong .
In the chart (left part of the EOSUSD chart above), it is clear that the don’t support the ticker climbing up. However, convergence with the Japanese chart provides some support at the current levels.
Unfortunately, the EOS 4H timeframe in the Tic-Tac-Toe chart (the right chart) also suggests no optimism. There is a strong EOS USD that is emphasized by the moving averages in the price chart.
in the Tic-Tac-Toe chart is sending a signal by its moving averages, but the graphs are painting a rounding close to the zero level.
Moreover, the EOSUSD ticker is drawing a pattern that can well change the market scenario. I mean a reversal pattern. If it works out, sellers face a real risk to lose positions.
However, I don’t think this scenario to work out. All the other chart-types, described earlier, (Renko, Kagi, Line Breakout) also indicate the continuation of the .
And finally, an up to date EOSUSD price prediction for 2018
Taking into account that the negative news less affects the EOS rate, I can suggest a soon EOS price correction; however, there isn’t yet strong buyers interest in the cryptocurrency, and so the rollback from the triangle’s bottom leg will be strong and painful.
Currently, the EOSUSD situation is really complex, and I can’t yet suggest a definite scenario. The only clear thing is that EOS price isn’t going to surge in the near future. On the other hand, the last drop was too deep, and so, I don’t expect strong dumps. Manipulators need to accumulate positions, stock up with the “guns” for the next attacks.
There is an alternative scenario, when the EOS price won’t be corrected upwards. It can be trading in the sideways trend for a couple of days and then go down.
As for the further falling down, I suggest EOS should hit 4.1778 USD. This scenario is possible if the triangle is broken out from above.
If the upward correction won’t start and the EOS goes down, the EOSUSD price can well reach the target of the complete and hit the level at around 3.87 USD– 3.50 USD.
That is my EOSUSD trading scenario. Go on following the EOS price and staying informed on the cryptocurrency market and digital assets.
I wish you good luck and good profits!
PS. If you agree with the forecast write “+” in the comments, if you don’t agree, put “-”. If you liked the post, just write thank you, and don’t forget to share the post. It is easy for you and I will be very pleased :)
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