Bullish Signs Ahead for Crypto and EOS?

Despite all the doom and gloom around the crypto market recently there are real signs of a rebound, especially when you look at EOS.

Credit: Bywire News, Canva
Credit: Bywire News, Canva
Bywire - Claim your free account nowBywire - Claim your free account now

LONDON (Bywire News) - Investing in a bear market can always be a tricky thing, but while most of the news around crypto may be pretty downbeat, there are some opportunities ahead, with the likes of ETH, BCH, AXS and EOS showing green shoots. 

The key for analysts is the BTC 200-week moving average which is at $22,705 with many believing a critical move is imminent. A close above the 200-week moving average could attract more buying but a break below could be a go signal for bears. However, as much as the short-term outlook seems uncertain many experts believe Bitcoin has been in the accumulation zone for some time. 

Meanwhile, outflows of Ethereum from major exchanges are seen by many as an optimistic sign for the future with traders moving their coins to stronger crypto wallets for safety. 

Bitcoin, they suggest could resume its upward trajectory by attracting buying in select altcoins and one, in particular, looks promising in the form of EOS. 

Bullish on EOS?

EOS started showing positive signs on July 18th when it broke above the moving average. With moving averages completing a cross-over into the bullish zone and RSI getting close to the overbought territory, the signs are bullish with the price possibly rising as high as $1.46.

At this point, there could be some resistance. However, if it does not give up too much ground it could suggest traders are still holding their positions which could improve the prospects of a rally above $1.46. If that happens, it could indicate a major change in the trend.

If the EOS/USDT pair does not give up much ground from $1.46, it will suggest that traders are not dumping their positions. That could improve the prospects of a rally above $1.46. Such a move will suggest a potential change in trend.

Whether this trend will continue is up for debate. There are signs of investors preparing to short EOS in the expectation of a drop. However, in the medium and longer-term things are looking good. The EOS price index has the price outlook well and is truly in the positive zone. 

EOS has also been gathering some positive chatter on social media. The community is putting a lot of work into building the underlying technology. It is being promoted as a faster, cheaper alternative to the likes of Ether. As that message starts to get through interest is beginning to filter through. 

Sentiment around EOS is slowly but surely starting to improve, as it tries to make a clean break from its past with B1. Whether it continues to get that message out and turn sentiment around could determine what kind of rally EOS shows as the market starts to pick up. 

(Writing by Tom Cropper, editing by Klaudia Fior)

Bywire will email you from time to time with news digests, stories & opportunities to get involved. Privacy

Bywire - Claim your free account nowBywire - Claim your free account now