- EOS has charted the death cross pattern in its daily chart.
- The Ethereum killer has faced repeated rejections at the 200-day SMA.
Block.One, the company behind EOSIO, are launching a suite of services, namely:
- EOSIO Premier Technical Support: Provides several support tiers for troubleshooting issues and delivering technical assistance.
- EOSIO Blockchain-as-a-Service (BaaS): An automated blockchain platform fully managed by a dedicated BaaS team. Clients can choose a BaaS model that best suits the needs of their business.
- EOSIO Consulting: Get direct access to EOSIO engineers. Discover, identify, and implement solutions that best suit your business needs.
The main idea here is to make EOSIO more accessible and adaptable for enterprises. Along with that, they will also be launching EOSIO Training and Certification, a virtual campus of learning, to help enterprises remain at the forefront of their industry.
The technical outlook
On October 4, EOS bounced up from the $2.48 support line and reached $2.70, where it faced rejection from the 200-day SMA and dipped slightly to $2.60. The 200-day SMA has crossed over the 50-day SMA to chart the death cross pattern, a heavily bearish sign. To add further credence to our bearish outlook, the MACD also shows decreasing bullish momentum.
EOS/USD daily chart
Repeated rejections will drop the price down to the $2.48 support level. A further break below this zone will drop the “Ethereum killer” to the $2.15 support line. The EOS RAM chart also shows decreasing demand, which adds more meat to our bearish outlook. RAM is critical in EOS since it is used for dApp creation. Plus, a new EOS account also requires 4kb RAM.
EOS RAM
In June 2019, RAM spiked to nearly 0.20 EOS/KB after Block.One bought US$25 million worth of RAM for the launch of Voice, their social media network. Since July 2019, RAM costs have continued to drop below 0.1 EOS/KB.
The Flipside: Can the bulls take over?
For the bulls to take over, they will need to push EOS above $2.72 to cross above the 50-day and 200-day SMAs. However, even if they manage to do so, the upside is further limited by the 100-day SMA ($2.85). If the buyers somehow manage to break above the 100-day SMA, they should push the price to the $3.50 resistance line.
Key price levels to watch
Repeated rejections at the 200-day SMA will drop EOS to the $2.48 support wall. A break below this level will drop EOS to $2.15.
The bulls can take back control by pushing the price above the 200-day and 50-day SMAs to $2.75. The upside is limited by the 100-day SMA ($2.85).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.