Connect with us

Blogs

EOSIO (EOS) Technical Analysis – EOS Awaits Its Next Move

Published

on

EOS
READ LATER - DOWNLOAD THIS POST AS PDF

EOSIO (EOS) is a cryptocurrency token and blockchain that seeks to operate as a smart contract platform for the deployment of decentralized applications and decentralized autonomous corporation.

The aim of the platform is to provide decentralized application hosting, smart contract capability and decentralized storage enterprise solutions that solve the scalability issues of blockchains like Bitcoin (BTC) and Ethereum (ETH), as well as eliminating all fees for users.

The main native token, EOS, is a utility token that provides both bandwidth and storage on the blockchain, in proportion to total stake (owning 1% of EOS tokens allows for usage of up to 1% of the total available bandwidth etc…). EOS tokens also allow the owner to cast votes and participate in the on-chain governance of the blockchain, again in proportion to the owner’s stake.

With that behind us, let’s take a look at the technical picture of EOS to see what may be in store for both investors/traders moving forward.

Back in early April, EOS broke-out from the 5 handle (5.92) on 3X its average daily volume and proceeded to put in a massive move over a three week period which witnessed returns of 300% before exhausting itself at the 23.33 level as we can observe from the Chart below:

When observing the action above, we can see that after the massive move from early to mid-April, which produced enormous gains for those investors/traders involved, EOS has since found itself in pullback mode digesting/consolidating the run.

In addition, we can also witness that EOS presently trades below both its 20 (yellow line) and 50 (blue line) day moving averages, yet remains comfortably above its rising 200DMA (red line), which suggests that we have a mixed picture technically as well as some indecision from a time-frame perspective.

Thus, in order to try and wrap our arms around the overall action of EOS, when we zoom-out to the weekly time-frame, we get a clearer display as to what may be in store for both investors/traders moving forward from the weekly Chart below:

When observing the action on the weekly time-frame above, we can see that EOS remains in decent technical shape despite trading lower these past four weeks after the massive run in April.

In addition, despite the overall poor climate conditions throughout the entire cryptocurrency universe where recent selling pressure has been relentless, EOS has weathered the storm in relatively fine shape.

Thus, let’s take a look at some levels that may provide both investors/traders with some clues/evidence with respect to direction as well as clarity.

If, at any point in the days ahead, EOS  is capable of going topside of the 13.50 level and perhaps more importantly, the 14.40 figure, such development, should it materialize, would likely set the stage for an advance into the 16-18 zone and perhaps higher. On the other side of the ledger, initial short-term potential support can be found at the 10.20 level with more meaningful support located in the 7.50 area.

While EOS continues to display decent technical and relative strength in an extremely challenging and difficult environment, it appears that it’s awaiting its next moved via the mixed signals from a time-frame perspective.

Therefore, both investors/traders may want to continue to monitor the action in EOS with a close eye in the days ahead for further evidence and or catalyst with respect to direction.

Happy Trading!!

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Elite