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EOS – like all major cryptocurrencies – has been seeing some turbulent price action over the past several days, with Bitcoin’s sharp drop incurred this past Wednesday sending shockwaves throughout the aggregated market.
These shockwaves led EOS – a popular Ethereum competitor – to drop from over $4.50 to lows of $3.80, which is where it was able to find some support that helped bolster its price action.
Now, analysts are widely noting that there are a few factors that could suggest EOS will see some notable upwards momentum in the near-term, with one trader forecasting major gains against the altcoin’s BTC trading pair.
EOS Enters Consolidation Phase Around $4.00 as Technical Situation Grows Bullish
At the time of writing, EOS is trading down marginally at its current price of $4.09, which is around where it has been trading at over the past couple of days.
This past Wednesday, the crypto’s intense selloff led it to erase roughly one month of gains, as the crypto climbed from late-January lows of roughly $3.90 to highs of $5.50, before incurring some downwards momentum that led it to the mid-$4.00 region.
This bearishness reached a boiling point when Bitcoin plummeted from $10,200 to lows of $9,200, subsequently leading EOS to drop in tandem to lows of $3.80.
In the near-term, the cryptocurrency’s technical situation may be shaping up, however, as one prominent analyst’s trading algorithm recently flashed a buy signal for the token.
CryptoGainz spoke about this in a tweet from a couple of days ago, noting that longing EOS could be one of the best plays at the moment.
“New algo is also long eos, which, if I’m being honest, is probably the infinitely better play,” he explained.
new algo is also long $eos, which, if I'm being honest, is probably the infinitely better play. pic.twitter.com/fvtTyXsNF3
— CryptoGainz (@CryptoGainz1) February 20, 2020
The Crypto Could Soon Post Massive Gains Against BTC
Besides showing hints of bullishness against USD, the crypto is also flashing signs that it is positioned to see major gains against its Bitcoin trading pair.
Livercoin – another prominent crypto trader on Twitter – spoke about this possibility in a recent tweet, telling his followers that EOS could soon rally from its current price of 0.00042 BTC to 0.0007 BTC before it finds any notable resistance.
“EOS / BTC TA – Bought some,” he concisely stated.
– Bought some…#Crypto pic.twitter.com/YRVzXxHTfR
— Livercoin (@livercoin) February 22, 2020
As Bitcoin enters a period of sideways trading around $9,600, major altcoins like EOS could start garnering enough buying pressure to further extend the firm uptrends that they have been caught within throughout 2020.
Featured image from Shutterstock.
