As the top markets begin to show signs of weakness once again, it seems the alternative markets will follow suit. As of right now, the Bitcoin price barely holds on to its gains, but it would appear that might not be the case for much longer. The EOS price is also going quite strong right now, as it seems to pile up the gains without too many problems.
EOS Price Momentum Remains Strong
When Ethereum and XRP are starting to dip in the red, one would expect most alternative markets to follow suit pretty quickly. One notable exception in this regard is EOS, as this market seemingly knows nothing about bearish pressure at this time. Instead, it seems to be tricking along rather nicely, as its trading volume continues to provide plenty of support to ensure this market moves along. It is evident this type of momentum is somewhat surprising, although it is still in place as of right now.
Over the past 24 hours, the EOS price has gained another 4.47% in USD value to push the price to $4.28. There is also a 4.28% gain in EOS/BTC, as that ratio now sits at 0.00104872 Bitcoin. A very interesting continuation of the earlier trend, primarily because it appeared the 0.001 BTC level would provide a lot more resistance in the coming days. For the time being, the $2.6bn in trading volume also seems to be doing its job quite well,
On social media, there are a lot of people who like to point out the positive aspects of EOS more than anything else. Luke Stokes, for example, sees EOS as a validation of how open source and decentralized development should be done. Although most people will readily argue there are other decentralized and autonomous solutions on the market today, it would appear EOS is getting a lot of attention in this regard.
When a centrazlied, closed-source project fails (ran out of runway, founder loses interest, team splits up, etc) everyone involved loses. Time and energy gone forever.
Build with open source as a Decentralized Autonomous Community instead, and it may live forever. #EOS #DAC
— Luke Stokes (@lukestokes) March 28, 2019
When pump signal groups start to call for EOS shorting, one knows things will get pretty interesting moving forward. More specifically, the Twitter account below seems to indicate there will be some bearish pressure on EOS, although it seems that momentum hasn’t come into play as of right now. There is always a chance the momentum will turn around in the near future, but for now, it seems unlikely this signal has any real merit to it whatsoever.
📛 Risk of the signal: 9/10
🔑 Open SHORT for the price between 0.00107 – 0.00110 with 5% of your deposit with X5 leverage
1️⃣ Close the order at the price 0.00102
2️⃣ Close the order at the price 0.00097
3️⃣ Close the order at the price
— VIP25 CRYPTO COIN ANALYSIS (@crypto_coins_25) March 28, 2019
Surprisingly, it would appear a fair few other users are also convinced EOS/BTC will hit a glass ceiling fairly soon. Klondike expects the bearish divergence, double tap, and RSI factor to come into play later today. However, the market seems to indicate there must be further upward momentum, thus it remains to be seen how things will evolve exactly. As the weekend looms ahead, anything can happen in this volatile industry.
Taking into account bearish divergence, double top and overheated RSI, we can try to play against the market and short #EOS here. pic.twitter.com/dEDgtF2Bbj
— Klondike (Crypto Rush) (@KlondikeRush) March 28, 2019
All of the signs seem to indicate there will be further upward momentum for EOS, albeit the traders and speculators have an entirely different opinion. Since it remains unclear how controls these markets exactly, the future price momentum can easily swing either way. For EOS, the reliance on Bitcoin has become less apparent, which is usually a very good sign. Considering how Bitcoin looks to turn pretty bearish again fairly soon, most of the market factors seem to work in favor of EOS at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.