EOS : Refusal to Dump. Time to Pump?
EOS by Block One as stated by Nouvive at the end of October will be breaking out from its Lows. Such is the case, as it is still refusing to dump despite high pressured sell side supply.
What is the Technical Analysis Showing ?
- A refusal to dump
- Having pumped close to 35% over the past 2 weeks, EOS came to a cool off period around the 0.618 and 0.5 Fibonacci level – a usual area for a cool off.
- Had it wanted to dump further, it would have looked for the 0.382 area which is $5.20
- Moreover, EOS is currently using the 200MA as a support area and the tip of the bullish triangle pennant as a support area.
- This is all despite low accumulation on the higher time frames that insinuate this is not a high profile trade to the rest of the market as Nouvive Intelligence also agrees.
- Despite high pressured sell side supply to push the price down as corroborated by the decrease in volume and increase in sell side volume, the coin is refusing to dump lower than the given 0.5 Fib support – BULLISH MOMENTUM.
- RSI Stochastic on all the higher time frames are OVERSOLD, crossing over and looking to re-position itself for a reversal.
Nouvive Intelligence Report:
- Overall Market sentiment towards EOS has been gradually decreasing Week on Week spurred on by erroneous reports that EOS is nothing more than a glorified cloud service.
- The EOS community disagrees – nonetheless The market has shied away from EOS.
- EOS Makes for a perfect trade as it is still not crowded with a potential for a 15% move upwards.
Nouvive sees a trade from current market price to $6.30, asking those entering fro the trade to watch out for any movement below $5.485
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