The big question of the day is if and when the top cryptocurrency markets will show any signs of recovery So far, the wait seems far from over, as the hourly candles continue to look more bearish than usual. No market in the top 15 is noting gains except for the EOS price. While the uptrend is minimal at best, the market still clings to these small gains like there is no tomorrow.
Traders Expect the EOS Price to Pull Back
When the top cryptocurrencies remain bearish for nearly two full days in a row, a lot of unrest is triggered among investors and speculators. That is a rather normal turn of events, as the current outlook is anything but positive. For EOS, the current pressure is bothersome as well, albeit not necessarily definitive. It is one of the few markets to note an uptrend in BTC value, which is rather remarkable.
Over the past 24 hours, the EOS price has risen by 0.17% to $3.65. This has proven to be a solid support level, although a minor pullback seems all but inevitable at this time. What is more intriguing is how EOS/BTC went up by 1.88% during this latest bearish trend. With a value of 92.625 Satoshi, it would appear EOS is doing a lot better than most alternative markets available today.
Although there seemingly isn’t much to get excited about, keeping tabs on the latest EOS developments is always a good idea. The latest edition of EOS Echo offers a lot of information, ranging from Eosfinex to Loom Network and Bancor’s new unified wallet. It is a good source for weekly updates and developments, as there seems to be a lot going on behind the scenes of this project.
EOS Echo — Your Weekly EOS Digest: #20
— EOS New York (@eosnewyork) March 25, 2019
Looking beyond the news, it seems traders are not too confident where this current price trend is concerned. CryptoNail expects a major resistance level to drive down the EOS value in the hours to come. While EOS is not necessarily following Bitcoin’s price pattern by any means, it is only normal some correlation will occur sooner or later.
All of you $Bitmex people,
— CryptoNail (@CryptoNail) March 25, 2019
A very similar bearish outlook is shared by Nico, who expects a somewhat interesting price shift to occur fairly soon. Although there are some bullish signs, Bitcoin is leading this dance one way or another. As such, it is only normal caution is warranted at this time, primarily because Bitcoin’s momentum remains uncertain and indecisive. Changing that scenario will not necessarily happen overnight, by the look of things
$EOS Trying to break above the descending channel…
֎ UCTS buy signal on the 1D (20%+)
֎ RSI, MACD & OBV showing bullish divergences.
֎ Volume is still MIA
֎ EMA50 acting as support with support at ~8687sats..
— Nico (@CryptoNTez) March 25, 2019
For the time being, it remains to be seen if this EOS/BTC ratio can be sustained or even improved upon further. I that is not the case, the USD losses will become apparent fairly quickly, as Bitcoin looks to drop even further overnight. An EOS value of $3.5 or lower seems rather unlikely, although it will primarily depend on whether the $3.6 level can act as solid support.
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.