EOS Hits 2018 Low Despite Market-Wide Upswing

During the 2017 year-end bull run, EOS blasted off from the $0.50 range all the way to a top at $16. EOS dropped back under $5 in the months after the peak, as Bitcoin (BTC) and the altcoin market began the bear cycle that is still ongoing, 11 months later. Those who missed the first boat with EOS got a second chance in the month before the blockchain went live — which carried the price even higher than before, this time making a new all-time high at $23. Since launching when its genesis block was mined in June of this year, EOS has seen a steady decline following the rest of the market. Two weeks ago, it broke through the $5 support and is today trading at just $3 — the same price it was trading at exactly one year ago.

Stochastic RSI

The 3-day and two-week stochastic RSI is currently in the mid-range — sitting slightly below 50. On four instances in the past, the mid-line has acted a resistance which sent the price moving in the opposite direction (red flags) — that last instance happening in March. Those looking to make a short-term trade should keep an eye on the stoch RSI to watch for a reversal before jumping into a position.

Blood in the Water

Those looking to make a short-term trade should beware the risks, as EOS is in a vulnerable position — floating between two major supports at $5 (green) and $2 (red). Since dropping back below $5, the price has moved in a classic step-down pattern, bouncing off of the bottom descending line before moving up slightly and trading sideways for a period of time. There is still a chance that EOS will go sideways for another few days before another dip, that would bring the price back to the $2.60 level. [bctt tweet=”A reversal in Bitcoin (BTC) price could potentially break the step pattern. Swing traders should look to accumulate in the $2 to $2.50 range in the event of further declines, and conversely wait until the $4 level to confirm a short term trend reversal.” username=”beincrypto”] Do you think EOS will move down to the $2 level this year? How long, if ever, before EOS sees a new all-time high? Let us know your thoughts in the comments below!  Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does hold EOS