EOS Might Not Hold Good for Intraday Trading Long-Term Traders Would Benefit From This TokenNovember 19, 2019
Over the past 24 hours, EOS has been reporting a 6% loss. Investment in this token holds good for long-term traders. Intraday traders might not be able to make a profit. After a significant price drop, EOS is set on a recovery spree. It is expected for the currency to improve in the forthcoming days.
EOS is one of the most prominent blockchain projects. The major target of EOS is to run decentralized applications that are fast. Ethereum is looking to decentralize the world of computing. Each of these projects has its advantages and disadvantages.
EOS has been trading at $3.0743, and it was down by 10.95%. The price decline let the EOS’s market cap down to $3.122B. At its highest price level, the price of the EOS was at $17.5290B. At its current price, the price of the EOS has been down 86.62% from its all-time high at $22.98.
At present, the price of the EOS is at $3.5, which is the current monthly high. The price of the cryptocurrency increased by 2.37%, and now it is trading in the $3.47 level. EOS being the 7th largest cryptocurrency in the global market, will likely recover above the key resistance levels when the market corrects the gains.
The EOS/USD pair has gained support near $3.4 and at $3.2. If the price would go through a correction below this support level, then the next low might be at $2.5. The market might eventually plunge at the lower boundary of the channel.
The cryptocurrency is currently showing a bearish movement in the hourly chart. If the price would stay well above the $3 mark, the EOS market might bounce back to $3.65. The surge in the price might eventually move the token beyond the boundary of the channel to $4 and $4.6 resistance levels. This is a sign that the bulls are looking to step back into the market. While the EOS has been waiting for a positive breakout, the recent price decline has been keeping the bulls waiting. The price might show up in an extended rally if the price of the asset type would surpass the $0.365 levels. If the inverse should occur, it would lead to serious price reductions in the market.
Key resistance levels are seen at $3.65, $4, and $4.6, respectively. Key support levels are seen at $3.2, $2.9, and $2.5, respectively.
EOS continues in its mission to support large-scale applications.