EOS major trends, EOSUSD growth potential, key levels to trade EOS.
In this post I applied the following tools: fundamental analysis, all-round market view, candlestick patterns, volume profile, oscillators and indicators, key levels, graphic analysis, trendline analysis, Renko Kagi chart, Line Break chart, Tic-Tac-Toe chart.
I go on my series of crypto forecasts and today I’d like update EOS crypto forecast and analyze EOSUSD trends.
As usual, let’s have a look at my previous EOS price prediction and see how accurately it matches EOS actual situation.
(EOSUSD forecast, dated 11.09.2018)
(EOSUSD actual situation on 20.09.2018)
If you compare these two EOS price charts, you’ll see that, in general, the ticker is moving according to the suggested scenario. The ticker’s rebound on September, 17, proves the uptrend support, and so, the symmetric triangle pattern is relevant and is going to provide the upward moment in future. To find out whether the EOS USD pair will be moving, according to the scenario, I offered last week, let’s go on with EOS fundamental analysis and EOSUSD technical analysis.
EOSUSD fundamental analysis
In general, there hasn’t been much important news associated with EOS crypto recently.
I can highlight just three news bits, released since the previous EOS forecast, which can affect EOS price moves.
All these events are displayed in the EOS price chart above
September, 1-13, bitfinex officially announced launching of the EOS blockchain based decentralized exchange.
September, 2-17, the news about one more EOS gambling platform, being hacked. About 40 000 EOS was stolen.
September, 3-18, the decentralized digital currency exchange, Bankor enabled trading EOS tokens to other cryptocurrencies.
As you see from EOSUSD price chart above, both positive and negative news is responded rather equally, without any market shift in a certain direction; it means the neutral market sentiment and the market balance.
In addition, it is clear that enlisting of EOS token as a base currency to trade on the crypto exchanges has a positive effect on the EOS price itself.
Two similar, in these terms, events make up already a trend, suggesting full-scale introduction of EOS as a base currency, like Ethereum.
EOSUSD technical analysis
In the monthly EOS chart above, you see that the bearish wave for EOSUSD is fading out, and the eos trade volume is declining, which is a sure sign of the eos trend reversal. It is 10 days before the September candlesticks closes, and if the trade volume doesn’t change, its total level will support the general tendency for opening less and less sell positions.
The candlestick hasn’t yet broken through the previous one, besides, the EOS price is now above the April’s low; it means buyers’ support at the level of 5 USD.
To see in more detail, I suggest the weekly chart of EOS.
In the weekly EOS price chart, it is clear that the EOSUSD ticker hasn’t been consolidating below level 5 USD for over a month already. During this time, a significant volume has been traded in the narrow channel; it is indicated by the volume profile. Taking into account that there have been already quite many support levels for the eos price, it is clear that EOS USD pair can’t go below the support zone, finishing at 3.85, without a good run-up.
In addition, it is clear that EOS ticker is at Keltner channel’s bottom border, which means the asset is oversold. In case the EOS price rebounds, the first target to balance the market will be at 7.39 USD (Keltner channel’s central line).
Oscillators aren’t yet sending any clear reversal signals but the MACD moving averages and RSI stochastic are painting a rounding, so, it suggests a possible future bullish correction.
There are already first positive signs in the daily chart of EOS. EOSUSD ticker is inside the symmetric triangle, close to its bottom. The ticker has rebounded from the bottom leg, and so the EOS price is getting more likely to break through the triangle from below.
The key level in the EOSUSD 1D chart is 5.70 USD. There is the triangle top leg and the border of the daily Keltner channel. If the level is broken out, the EOS price is likely to move up to the resistances at 7 USD and 9 USD.
I go on my big experiment with rare price charts.
The Renko chart (the top left one) suggests that EOS is still trading down, according to the direction of MACD moving averages and the moving averages in the EOS price chart. A similar situation is in the other charts of EOS USD pair. There are support levels, indicated from 4 USD up to 5 USD, in each chart. Besides, in each chart, red and green boxes are alternating. All this suggests the uncertainty in the EOS market.
Up-to-date financial advice for EOSUSD for late September, 2018.
Currently, the EOSUSD market is balanced. Fundamental EOS analysis suggests that the EOS traders are prepared for positive and can provide the growth momentum if there are reasons for EOS price rise. The EOS rebound up from the triangle bottom leg increases the chances for the upward rebound; and the thick support zone, made up of multiple extremes of the bottom tails, creates a strong barrier for bears. The EOS token price will hardly pass through the green zone, therefore, it is more likely to go up. Taking into account that the EOSUSD ticker is very mobile, it will hardly trade in the sideways trend for a long time.
So, the EOS USD price is likely to grow up towards the first target at about 7 USD– 7.40 USD.
That is the EOS USD forecast, I suggest in order to predict the EOS future. Go on following the EOS USD rate and staying informed on the cryptocurrencies and digital assets.
I wish you good luck and good profits!
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Price chart of EOSUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.