There was some FUD going around with EOS, that Daniel Larimer, was going to leave EOS. But 2 days ago, somebody posted a picture on Reddit, that Daniel Larimer is not going to leave EOS. I don't know if all these claims are true or not, but it will have some impact on the price. The price dropped down and this could be the results of the FUD news that was going on, people get scared and they will sell EOS. But on the other hand, you have to understand who they are selling to, this could be whales or investors that know this is not real. Now that 2 days a post on Reddit is revealing that the FUD was fake and told that Daniel Larimer is not leaving, suddenly you see at the chart that the price stopped declining downwards and started to move sideways.
Now let's check the chart, on the 1-hour chart you see that the price has reached the area of support, where there are more buyers than sellers. But the question now is: Are the buyers going to take over and push the price of EOS upwards?
The price has moved in this support area before and then the price went up. You can see that in both situations, the price moved rapidly down to the support area. Besides this, you can also take a look at the technical indicator, on the CCI you see that the price is making higher lows, while the price was making lower highs. This is what you call divergence, which means that there is a possibility that the trend will be reversed.
At last, you can take a look at the candlesticks. You can see that when the price hits the support line, the size of the real body was getting smaller and smaller, also there are some candlestick patterns that could indicate in a trend reversal. There is a Bull Harami, Engulfing and a hammer pattern.
What are the possible targets that EOS could reach, well in the chart you will see yellow lines above the price. At these lines, there will be more sellers than buyers at this line.
DISCLAIMER: ALWAYS keep in mind! That this is NOT an investment advice, but an analysis. You can do whatever you want with this information, so trade at your own risks!
Now let's check the chart, on the 1-hour chart you see that the price has reached the area of support, where there are more buyers than sellers. But the question now is: Are the buyers going to take over and push the price of EOS upwards?
The price has moved in this support area before and then the price went up. You can see that in both situations, the price moved rapidly down to the support area. Besides this, you can also take a look at the technical indicator, on the CCI you see that the price is making higher lows, while the price was making lower highs. This is what you call divergence, which means that there is a possibility that the trend will be reversed.
At last, you can take a look at the candlesticks. You can see that when the price hits the support line, the size of the real body was getting smaller and smaller, also there are some candlestick patterns that could indicate in a trend reversal. There is a Bull Harami, Engulfing and a hammer pattern.
What are the possible targets that EOS could reach, well in the chart you will see yellow lines above the price. At these lines, there will be more sellers than buyers at this line.
DISCLAIMER: ALWAYS keep in mind! That this is NOT an investment advice, but an analysis. You can do whatever you want with this information, so trade at your own risks!