By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
EOS is correcting during the first February week, but still looking very promising. On Tuesday, February 4th, EOS is slowly falling and trading close to 4.15 USD.
From the technical point of view, the H4 chart of EOS shows a stable rising channel. The key upside target is at 5.00. At the same, there is a divergence on MACD, which indicates a possible descending correction. However, this scenario may be valid only after the price breaks the support level close to 4.00. in this case, the downside correctional target may be 61.8% fibo at 3.20.
The H1 chart shows the triangle correctional channel after the divergence on Stochastic. This triangle is a temporary pattern. If the price breaks its upside border at 4.36, it may complete the short-term correction and resume its mid-term growth. However, in case the instrument breaks the downside border at 4.08, the correction may fall much deeper and each 23.6% and 38.2% at 3.93 and 3.64 respectively.
The cryptocurrency is steadily trading close to its September highs and has a chance to resume rising due to the absence of aggressive sales. Recently, the EOS capitalization has been estimated at 3.957B USD; it has added 1.5%. at the moment, EOS ranks eighth in the rating of the most stable cryptocurrencies.
The all-time high for EOS was in April 2018, when it reached 22.98 USD. The current price is 81.73% less than the above-mentioned value.
In the top ten of cryptocurrencies, there are two coins, technologies of which support (Proof-of-Stake) PoS and DPoS systems, and EOS is one of them. It seems that a possibility of additional income, in this case, may attract investors when the cryptocurrency market lacks new ideas or fluctuations. In the nearest future, Ethereum is planning to switch to PoS as well, which will make it even more widespread and popular. For EOS, it’s a moderately positive moment.
The overall attitude of the cryptocurrency market towards growth is pulling EOS forwards because it’s pretty clear that the cryptocurrency doesn’t have its own fundamental supporting factors.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
