Bitcoin
BTC$23 380.70

0.17%

Ethereum
ETH$1 869.86

1.61%

Tether
USDT$0.999993

-0.01%

USD Coin
USDC$1.000029

0%

Binance Coin
BNB$303.57

-0.72%

XRP
XRP$0.378670

0.61%

EOS Gets Back to Square One: Consolidation Ahead?


October 2020

An almost instantaneous market crash at the beginning of September has had a devastating effect on the price action of EOS that had been gearing up to break the double-resistance at $3.807 and $4.06 to the upside.  The price was stopped dead in its tracks at $3.87, followed by a mean reversion to $2.3, hence going back to the March price levels.

From rallying to getting crammed into the range


After spending months clinging to the support at $2.3, EOS had put up a strong bull rally that should have gone above $4, since it started from the Bollinger Bands squeeze that always results in the period of high volatility, but then the buyers have stepped in and canceled that scenario.

1-week EOS/USDT chart

Consequently, EOS made the V-shaped reversal to the downside and traveled back to $2.3, which, naturally, had a negative impact on its performance profile because last month, the altcoin went red by 3% against USD, 12.33% in the pair with BTC, and 8.3% against ETH, thus further worsening the showings on the yearly scale: 37.5% to the downside in the Bitcoin market and the negative 57.8% in the Ethereum one.   

EOS is now sitting at the 14th spot in global ranks, priced at $2.68 after the buyers have pushed the price by 1.7% in the past 24 hours. At the same time, the average trading volume from the past 30 days was relatively stable, having spiked from the average of $1,4 billion per day to $5,6 billion on several occasions. Therefore, the EOS market of late hasn’t had any radical shifts in supply and demand, which is characteristic of the consolidation period.

However, if the current bullish candle finishes the week with engulfing the preceding two bearish candles, we could be looking at that commencement of the 40% move to the upside, though it would still take place within the confines of the broad consolidation channel.

Perhaps the latest deal with Google Cloud, which saw the tech giant becoming the block producer on the EOS blockchain, might fuel a slightly more aggressive move to the upside, but on the macro level, the altcoin is bound for consolidation. 

Key price levels to watch

Author: Alex Paulson for Crypto-Rating.com


Related

EOS Retains the Bearish Outlook
EOS Retains the Bearish Outlook
EOS: The Late Arrival At the Bullish Party
EOS: The Late Arrival At the Bullish Party
EOS (EOS) Still Clings to the Multi-Week Resistance
EOS (EOS) Still Clings to the Multi-Week Resistance
EOS (EOS) Is Hopelessly Bearish
EOS (EOS) Is Hopelessly Bearish
EOS in April 2020: the Picture Gets Clearer
EOS in April 2020: the Picture Gets Clearer
EOS Tanking Along With the Global Economy
EOS Tanking Along With the Global Economy
EOS Could Lead the Way to Altseason
EOS Could Lead the Way to Altseason
EOS: The plummeting popularity
EOS: The plummeting popularity
EOS: past, present, and future
EOS: past, present, and future

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.4% 11 $23 380.70 0.17% -3.40% $447 157 628 342 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $1 869.86 1.61% -1.45% $228 155 524 371 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999993 -0.01% -0.04% $67 548 986 277 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000029 0% 0% $52 886 639 732 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 63 $303.57 -0.72% -6.93% $48 976 512 442 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 10 $0.378670 0.61% -0.53% $18 697 813 591 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $1.000243 0.01% 0.03% $18 378 237 848 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 27 $0.530629 -1.09% -0.83% $17 902 912 179 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 35 $41.02 1.30% -5.16% $14 308 783 900 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 83.6% 28 $0.077728 -3.21% 8.84% $10 312 196 275 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.055595 -5.79% -7.70% $9 640 858 436 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 69.6% 55 $8.41 -0.02% -9.45% $9 324 984 454 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 43 $0.000014 -3.43% 14.71% $7 823 746 490 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 72% 62 $25.38 -1.16% -12.36% $7 233 452 158 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.