EOS buyers’ apathy at record lows has been ongoing for more than a month. In our previous piece, we discussed the fragility of buyers in the $2 range. After several weeks, we notice that the nature of the EOS collapse and investor interest remain same. The price continues to decline gradually due to little volume. As has been the case with many other cryptocurrencies, the volatility of the EOS cryptocurrency has decreased dramatically. The price movement is still in the form of a falling wedge.
According to our estimates, the greatest time of such buyer inactivity is possible through the end of March. If we do not witness significant buying actions and tries to breach the $2.9 level during the first month of spring, there will be a tragedy in April. The essence of this tragedy is a fresh growth wave with a target price of $1.65 as a starting point. This is not, however, the worst-case scenario. Investors in EOS should truly panic following unsuccessful attempts by purchasers to reclaim control of the $2 level. In this scenario, you should carefully consider if such a cryptocurrency should be included in your investing portfolio.
However, the scenario outlined above is an alternative for us. Given the prolonged decline without any local upward correction, we continue to anticipate consolidation around the $2-$2.9 area. In this instance, the downward trend reversal could last until the summer of 2022.
Daily Technical Analysis Of EOS
The latest day with a large trading volume on the EOS market was on 24 February. Prior to that, on 22-24 January, sellers attempted to accelerate their downward trend. And all of these assaults occurred inside the $2 range. Now we observe that buyers are not permitted to adjust the local low from 24 February after that date.
Maintaining the $1.87 level is important for the construction of an aggressive expansion wave. If buyers maintain this level over the weekend (12-13 March), it is likely that the new trading week will begin with EOS price gain. Locally, the first goal price for buyers is $2.3. Sellers were able to reimburse buyers’ quite aggressive initiative from 24 February with this note. As a result, when the EOS market is on the verge of collapse, it is prudent to trade this cryptocurrency in the near term with low risk.
The EOSBTC Price Has Dropped To A New All-Time Low And Is Still Declining
Breaking the EOSBTC market’s historical low was a non-event. The price did not accelerate its decline, and no panic ensued. On the contrary, trade volumes reached new highs and prices began to decline. The market’s odd conduct indicates that conditions for the approach of spring are not very favorable for EOS. Therefore, to invest firmly in this cryptocurrency, you should first wait for the EOS price to aggressively rebound to 0.0000720. And only after a small volume of local price reductions can you take the risk of purchasing this coin with a first objective of 0.0001.
Thus far, it is pointless to hope for better results. If we look at the weekly timescale, we can observe that the EOSBTC market has been on a declining trend since May 2018. Reversing the five-year declining trend will take slightly more than a month.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
