Cryptocurrencies

EOS price prediction: Low volume and low interest point to a low price

Published by
Written By: Elliott Laybourne
Reviewed By: Saber
Share
    Summary:
  • The EOS price is turning lower from a half-hearted rally attempt. Furthermore, the tiny trading volume suggests that investors have lost interest in EOS.

The EOS price is turning lower from a half-hearted rally attempt. Furthermore, the tiny trading volume suggests that investors have lost interest in EOS.

EOS is currently trading at $3.8700, down $0.5909 (-1.54%).

EOS is now ranked as the 27th largest cryptocurrency and has a market cap of $3.7 billion. And even more disappointing for the bulls, SHIBA INU is nipping at its’s heels, with a $3.3 billion capitalisation.

In my report on the the 23rd of this month I stated:

Bears in control until price clears $4.40

On the 29th, the EOS price traded to $4.3650 before reversing. Therefore, the bears are still firmly in control.

Technical outlook

Looking at the daily chart, we can see that not much has changed in the last 10 days. Notably, the trading volume has shrunk to the lowest this year. This indicates to me that even the current low value is not attracting buyers.

Although for now, EOS remains in the $3.0000-$4.4000 trading band, unless activity picks up, it may soon lose the $3.0000 support. Should this happen, it will likely result in the price extending south towards the January lows at around $2.1700.

Moreover, the 50-day moving average has crossed below the 100-day, which further illustrates the bearish momentum.

As long as EOS stays below $4.4000, the outlook will continue to remain grim. However, should the price clear $4.4000, it still faces the 200-day moving average at $4.8420. Only above this level will my bearish view change.

EOS price chart (daily)

Follow Elliott on Twitter.

This post was last modified on %s = human-readable time difference 14:37

Written By: Elliott Laybourne
Reviewed By: Saber

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Written By: Elliott Laybourne
Reviewed By: Saber