Bitcoin
BTC$41 774.92

-1.51%

Ethereum
ETH$3 118.68

-1.45%

Tether
USDT$1.000320

-0.02%

Binance Coin
BNB$466.91

-0.67%

USD Coin
USDC$1.000410

0.03%

Cardano
ADA$1.34

-9.23%

EOS in April 2020: the Picture Gets Clearer


Alex Paulson
Alex Paulson

Crypto and Forex professional trader, analyst, contributor.

#EOS

It appears that the initial panic that had engulfed all markets without exception has passed being replaced by the relative stability, or at least a lack of jaw-dropping volatility that we saw in mid-March. This period of relative quietness has also offered an opportunity to take a breather, analyze the bigger picture and assess the macro levels that began forming on cryptocurrency markets - EOS in particular - after this cryptocurrency crashed through all possible support levels to arrive at the three-year low at $1.35.

Market collapse as a part of a downtrend


Nevertheless, once the price has bounced off the bottom - or an interim bottom, if the situation on the global markets keeps worsening - and made a partial recovery, traders must have realized that the notorious downfall turned out to be just another lower low of a downtrend that stems from the massive bull rally of 2019.

1-week EOS/USDT chart

It is evident from this weekly chart that the bottom at $1.35 turned out to be an accurate lower low that falls perfectly in line with the macro downtrend and should have been anticipated by the more seasoned traders.

Certainly, we shouldn't defy such factors and looming global recession, stimulated by the ravaging coronavirus, but the fact remains that we have been trading in the context of the bear market of 2018 all along, and that the crypto winter is yet to pass.

In any case, this situation should teach traders not to be deluded by the occasional bull rallies.

On the other hand, those coins, including EOS, which haven't established the all-time lows - EOS's happen to occur in 2017 at $0.48 - maintained the overall trend structure and proved their resilience even in such traumatic times like these. The crash could also be perceived as a great screener for the most reliable cryptocurrencies, towards which traders should establish a bullish stance in the long run. Needless to say that EOS has so far deserved a place among such cryptographic assets.

But what of the upcoming price action of EOS? As we can see on the chart, the price is approaching the upper line of the strong pattern that is the descending triangle, so traders should anticipate either its breach to the upside or the continuation of a squeeze to the bottom corner that could even take the price to $1.35 again. In any case, that would constitute a healthy movement by EOS that lies within the framework of the ongoing downtrend.

If the move to the upside does take place, it is probably going to reach 0.236 of Fibonacci that coincides with the level of $3. This way, EOS would fully recover from the losses inflicted by the market crash, but the following retracement is to be expected. Therefore, $3 is a crucial level that has to be watched closely in the future.

However, the probability of EOS going to the downside is much higher as the global economy is only entering the recession that would drag the cryptocurrency market along to the deeper depths. But in the current circumstances, it ought to be perceived as normality. Such vital indicators as MACD and RSI are both bearish, which means that those who want to lock their profits at this stage, should pay close attention to stop-losses.


Related

EOS Retains the Bearish Outlook
EOS Retains the Bearish Outlook
EOS Gets Back to Square One: Consolidation Ahead?
EOS Gets Back to Square One: Consolidation Ahead?
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 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 68.4% 61 $41 774.92 -1.51% -4.69% $790 978 008 201 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 77 $3 118.68 -1.45% -7.60% $371 830 760 833 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000320 -0.02% 0% $78 339 642 559 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 59 $466.91 -0.67% -4.12% $77 094 686 457 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000410 0.03% 0.03% $45 996 617 886 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 75.2% 51 $1.34 -9.23% 3.04% $44 862 610 713 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 62.4% 82 $136.01 -3.30% -10.60% $42 727 088 409 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 66.8% 66 $0.741075 -2.05% -7.24% $35 321 959 717 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 74% 56 $80.80 0.51% 0.71% $28 879 627 990 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72% 51 $24.15 -4.13% -11.76% $23 854 220 686 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.8% 46 $0.162274 -2.55% 1.56% $21 529 056 131 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 81 $83.56 -3.11% -11.61% $20 417 555 600 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 71.2% 61 $0.000027 -3.13% -14.21% $15 094 146 945 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.4% 59 $2.05 -5.04% -12.70% $15 023 124 537 MATIC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $0.999348 -0.14% 0% $14 332 300 070 BUSD 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.