The price of EOS dropped by 90% in the year 2018. There were wallet hacks and other challenges that the 5th largest cryptocurrency by market cap had to face.
EOS was trending at $ 2.76
at the time of writing this news report.
With the overall market decline
EOS is facing selling pressure. The
current price trends for EOS are similar to the sustained ranges of the past
year. The long-term trend of EOS/USD
price movements is seen in the distribution territories at $4, $5, and $6. In the accumulation territories, the prices
are trending at $1.50, $1, $0.50.
The EOS has been trending along
the 50-day SMA trend line. Two SMAs are getting closer together. The price action of the cryptocurrency is
above the 14-day SMA.
It is very clearly evident that
the EOS does not have an appropriate setup for the trading. There is a possibility for the trading
positions to be suspended for a while. A
bull is obvious from the $2 territory. Investors might choose to buy the
cryptocurrency or wait for its price to drop further.
The long-term analysis of the
trends for EOS is not as promising; however, the short-term analysis is showing
some bullish trends. Many investors
consider EOS-USD as an alternative to (ETH-USD).
An exchange based on EOS has been
announced by a major trading firm where EOS can be traded with other
altcoins. This project will be
established on a blockchain platform. Apps will be launched to transfer crypto
to the hands of the adopters using the blockchain technology.
The Huobi Group might launch an
EOS-dedicated cryptocurrency trading exchange during the first quarter of 2019.
This exchange will permit trading of EOS versus other asset types. Thus, the potential demand for EOS and the
trading volume as well will increase.
The demand is likely to come from
traders who are looking at favorable trading conditions from EOS pairs, which
they think should be better than (ETH-USD), (USDT-USD) or (BTC-USD).
There are a lot of technical
challenges that EOS did not solve in 2018 carrying forward to the year 2019.
When the network usage of the EOS apps increases, the backend team should
ensure that the demands of the technology, community and the solution being
offered are working in a streamlined fashion.
Tradable signals can be
identified by working around the support and resistance levels. It just takes a bit of training to the eye.
If the EOS/USD pair breaks the
$2.1733 level, it will only be a negative development, and this can lead to an
onset of the downtrend where the price can drop to $1.55.