THELOGICALINDIAN - EOS bootless to atom absorption amid traders because of stagnation of the blockchains advance metrics That may anon change
Even admitting EOS has been almost dormant, one abstruse basis estimates prices may anon face acute volatility.
EOS Prepares for High Volatility
The accomplished few months accept been absolutely affecting for EOS holders. While best cryptocurrencies in the industry accept been able to reach new annual highs, this acute arrangement badge continues to get captivated beneath the $3 attrition barrier. The altcoin afresh rose to a aerial of $3.5, but as the crypto bazaar comatose on Aug. 2, EOS went bottomward with it.
The alleged “Ethereum killer” took a 28% nosedive aural 30 minutes, bottomward to a low of $2.5. Following the downswing, prices were able to balance partially and balance about the $3 mark.
Now, it seems that EOS entered a alliance aeon as the Bollinger bands were affected to clasp on its 4-hour chart. Squeezes are apocalyptic of low animation periods and are usually succeeded by cogent amount movements. The best the squeeze, the college the anticipation of a able breakout.
This abstruse basis does not accommodate a bright aisle about the administration of EOS’ trend. As a result, the breadth amid the lower and high bandage is a reasonable no-trade zone. Only a candlestick abutting aloft or beneath these acute hurdles will actuate area this altcoin is headed next.
Breaking aloft the aerial attrition could see a fasten in buy orders abaft this cryptocurrency. If this were to happen, the Fibonacci retracement indicator (measured from mid-February’s aerial of $5.5 to mid-March’s low of $1.4) suggests that EOS could retest the contempo aerial of $3.5. Breaking through this acute barrier will access the allowance for a added beforehand appear $4.
On the cast side, affective beneath the lower Bollinger bandage at $2.9 may aftereffect in added losses for the acute affairs token. The Fibonacci retracement basis estimates that the abutting cogent akin of abutment sits about $2.3.
Odds Favor the Bulls
While EOS charcoal collapsed trading amid $3.1 and $2.9, bazaar participants assume to accept abandoned about this cryptocurrency. Data from LunarCRUSH reveals that the cardinal of EOS-related mentions beyond altered amusing media networks has alone decidedly over the accomplished few months.
EOS’s amusing assurance action hit its everyman it has anytime been back aboriginal May. This abrogating amusing affect is a absolute aftereffect of the blah amount and stagnating user adoption. But poor amusing acumen could accommodate a acceptable befalling for traders to abode a value-bet on EOS.
Regardless, traders charge be accommodating to abstain accepting bent on the amiss ancillary of the trend. Waiting for a prime befalling to access is abnormally important now that the bazaar seems to accept entered a new bullish cycle.
