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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Why EOS Downward Trajectory In Last 30 Days May Not Hurt Its Coin

Christian Encila
Christian Encila
2 years ago
2 mins read
EOS

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Since its all-time high on August 22, EOS has been steadily declining. The crypto market had crashed from March to June, but has since recovered. The market crisis has a lingering impact on modern investing.

Coingecko reports that the token’s value has increased by 0.2% in the last 24 hours. Even on shorter time intervals, like the week or the biweek, the currency rose in value.

Nonetheless, these changes have done little to slow the downward trend. Investors and traders in EOS, though, may have reason to be optimistic.

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The Stress Of September

As this is being written, EOS is being propped up by the $1.0055 area, which has slowed its decline since last month. The current price movement of the token is being influenced by the ongoing downturn.

The right side of the right triangle acts as a liquidity pool, and this is reflected in the coin’s price action as a XABCD harmonic pattern. As investors and traders buy the dip, demand is introduced, and the trend may turn bullish as a result.

Chart: TradingView

Meanwhile, the technicals also appear to be lacking. The CMF is currently negative, indicating that bears are in control of the market. This provides an undeniably formidable counterbalance to the potential bullish movement.

Immediate resistance at the 61.80 Fibonacci retracement level will be a challenging barrier to overcome.

Not Looking Good?

EOS’s predicament does not bode favorably for the alternative cryptocurrency. However, investors and traders can leverage a rising RSI, which indicates increased investor optimism.

Chaikin’s money flow index indicates that the token is gaining ground. The bears were rejected at the $0.9422 price range, which fits with the emerging upswing.

As of the time of writing, the Stoch RSI is on the overbought side of the indicator, indicating that the developing rally will be met by a market correction.

The EOS token is an excellent investment for traders and investors seeking to diversify their portfolios. Just last month, the cryptocurrency exchange PayBito added EOS to its list of tradable tokens, expanding EOS’s reach.

Investors should also be aware of the impact of macroeconomic conditions on EOS prices. The correlation between EOS and Bitcoin is 0.77, indicating a significant effect on EOS price fluctuations.

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EOS total market cap at $1.15 billion on the daily chart | Featured image from Investment U, Chart: TradingView.com

Disclaimer: The analysis is based on the author's personal knowledge and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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