EOS Technical Analysis: Hibernation Of Buyers Continues
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In our opinion, the maximum period of such passivity of buyers is possible till the end of March. If during the first month of spring we do not see aggressive actions by buyers and attempts to test the mark of $2.9, in April there will be a tragedy. The essence of this tragedy is a new growth wave with the first target of $1.65. But, this is not the worst case scenario. EOS investors really need to start panicking after unsuccessful attempts by buyers to regain control of the $2 mark. In this case, you should think carefully about whether you need to keep such a cryptocurrency in your investment portfolio.
However, the above scenario is an alternative for us. Given the long wave of fall without any local upward correction, we still expect consolidation in the range of $2-$2.9. In this case, the reversal of the downward trend may continue until the summer of 2022.
Technical Analysis Of EOS On The Daily Timeframe
The last high trading volumes during the day on the EOS market was recorded on 24 February. Prior to that, sellers tried to accelerate their downward trend on 22-24 January. And all these attacks took place in the $2 range. Now we see that after 24 February, buyers are no longer allowed to update the local low from 24 February.
The critical point for the formation of an aggressive growth wave is to keep the mark of $1.87. If during the weekend (12-13 March) buyers keep this mark - it is likely that the new trading week will begin with the EOS price growth. The first local target for buyers is $2.3. In this note, sellers were able to repay the rather aggressive initiative of buyers from 24 February. Therefore, while the situation in the EOS market hangs in the balance from failure, it is better to trade this cryptocurrency in the short term with low risk.
The EOSBTC Price Has Updated Its Historical Low And Continues To Die
Breaking the historical low in the EOSBTC market was not a significant event. The price did not accelerate its fall, there was no panic. On the contrary, trading volumes fell to record levels and prices began to slow. Quite strange behavior of the market speaks of not very favourable conditions for the coming of spring for EOS. Therefore, to confidently invest in this cryptocurrency, you should first wait for the aggressive rebound of the EOS price to 0.0000720. And only after a local price reduction of small volumes can you risk buying this cryptocurrency with a first target of 0.0001.
So far, it is not worth hoping for any greater results. If you look at the weekly timeframe, you can see that the downward trend in the EOSBTC market has been going on since May 2018. It will take a little more than a month to reverse the 5-year downward trend.