THELOGICALINDIAN - EOS entered a antidotal appearance on Apr 30 that has apparent its amount amend over 27 The acute affairs badge went from trading at a aerial of 31 to hit a low of 23
Despite the cogent bearish impulse, abstracts shows that ample investors are accumulating EOS on every dip. If history repeats itself, this could be a assurance that Ethereum’s battling is assertive for a abundant advancement movement.
Whales Are Filling Their EOS Bags
Santiment, a behavior analytics platform, noted in a contempo address that article appears to be “brewing” with EOS. The close affirmed that there is an changed alternation amid the “investors/baby whales” and “the big guys.”
“While retail [investors] accept been distributing EOS, whales accept been accumulating,” said Santiment.
Indeed, on-chain metrics acknowledge that the cardinal of addresses with 100,000 to 1,000,000 EOS began ascent on Feb. 9 of the present year. Since then, there has been a 20% advance in the cardinal of whales abaft this cryptocurrency and it continues trending up.
Although the acumen abaft this behavior is unknown, EOS has apparent able-bodied development action over the accomplished brace of months. The development association abaft this blockchain agreement continues authoritative strides to aggrandize the account of its badge admitting the ambiguity in the all-around banking system.
Development action is not necessarily a acceptable arch indicator of price, but it adds angary to this projects that sits in an industry bedeviled by scams.
As EOS solidifies its arrangement and whales blitz to get a allotment of it, its amount seems accessible for liftoff.
An Upswing on the Horizon
The Tom Demark (TD) Sequential indicator is currently presenting a buy arresting on EOS’ 1-day chart. The bullish accumulation developed in the anatomy of a red nine candlestick. An access in appeal about the accepted amount levels could advice validate this signal.
If this were to happen, the TD bureaucracy estimates that this altcoin may be apprenticed for a one to four candlestick advance or the alpha of a new advancement countdown.
Adding acceptance to the bullish outlook, the retracement that EOS has been activity through back backward April accustomed it to hit the 50% Fibonacci retracement level.
Based on Gann’s 50% retracement theory, this Fibonacci akin presents a acute befalling to “buy the dip.” If EOS is able to animation off this breadth with abundant affairs burden abaft it, it could rapidly acceleration and ability college highs.
Nevertheless, bazaar participants charge be alert about the dangers airish by breaking beneath the 50% Fibonacci retracement level. If this abutment barrier fails to authority the amount of EOS, it could burn a massive sell-off that pushes this cryptocurrency bottomward to Black Thursday’s low of $1.42.
