If this is a retrace before a bullish explosion, I don’t know. What is clear for sure is that EOS, Tron and a host of other cryptos under our radar are reversing their two or three days gain.
Spearheading this depreciation is EOS which is down eight percent in the last 24 hours and quickly approaching our main support line at $13. EOS Daily Chart by Trading View I mean, with a market capitalization of $15 billion, stakes are high for EOSIO and its co-founder.
As we near the launch, investors expect nothing short of success. After all, we might take confidence from Block.One VC partnership and the more than “100” startups that will launch their projects on the new super fast and “near free” EOSIO blockchain.
Demand is there yes and the right thing to do by all accounts is to search for coin under-valuation before riding with the trend-at the right times. Regardless of the positive sentiment, May 11 candlestick is of significance in our analysis.
Then again, in the short term-following EOS ATHs print on April 29, bears are obviously in charge. In line with our previous trade plan, buyers should remain neutral until we see an up-thrust accompanied by strong volumes past $16. Read more from insidebitcoins.com…
thumbnail courtesy of insidebitcoins.com