Crypto Update: EOS Eyes Breakout as Major Coins Settle Down

Crypto Update: EOS Eyes Breakout as Major Coins Settle Down

The cryptocurrency segment has been trading in a bullish short-term consolidation pattern, with the largest coin staying in very short ranges throughout the day. The majority of the digital currencies are sporting small gains, but no crucial levels have been broken with regards to the top ten coins, leaving the technical setup unchanged.

Small-cap coins have been more active, with most of them trading with a bullish bias, on the generally very quiet day. Binance Coin, VeChain, and Ontology continued to show strength, with BNB getting close to hitting a new rally high in late trading.






BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to capitalize on yesterday’s relative strength, and the most valuable coin got stuck below the $7800 level, staying on a neutral short-term trend signal. The currency is just holding up above the key $7650 level, still being among the laggards from a longer-term standpoint.

Traders should still wait for a move above $7800 before entering short-term positions, while investors could still add to their holdings. Further resistance zones are ahead near $8400, $8700, and between $9000 and $9200, while support is found at $7350, $7000, and $6750.

Ripple and EOS Poised to Lead the Market Higher

XRP/USDT, 4-Hour Chart Analysis

Ripple is very close to hitting a new rally high, trading right at the $0.68 support/resistance level, showing clear relative strength. The coin is on a buy signal both short- and long-term, and a rally towards the next resistance level at $0.73 is likely in the coming days. A weaker zone is found near $0.75 while a long-term level is at $0.84, while support is near $0.64 and $0.58.




EOS/USDT, 4-Hour Chart Analysis

EOS is trading 3% higher today, but from a technical perspective, it is still clearly in a consolidation pattern, although the setup remains bullish. The coin faces strong resistance near $15.50, and a move above that would establish a new uptrend. The currency is on a buy signal on both time-frames, with strong support found at $12, $10, and $9.

IOTA, which has been among the leaders before is still stuck near $1.7, and the coin is relatively far from the previous rally high, consolidating the strong initial advance. Among the weaker coins, Dash, Monero, ETC, and Litecoin are still struggling to retake the crucial resistance levels ahead, and together with Bitcoin’s weakness they pose the biggest risk for the segment as a whole, as a broad based new rally is still not established, despite the favorable long-term outlook.




Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

One thought on “%1$s”

  1. After looking into a number of the blog articles on your web page,
    I seriously appreciate your way of blogging. I bookmarked it to my bookmark webpage
    list and will be checking back in the near future.
    Please check out my web site too and tell me your opinion.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.