Hello world! Simply here.
Background
EOS, named after the Greek Goddess herself, is a very exciting project in the crypto world. For those of you who are unfamiliar, the project is basically creating a scaleable operating system for developers to create and run DApps (decentralized applications) on. It will use smart-contracts and be in direct competition with Ethereum. To learn more, check out our beginner level overview of EOS: www.simplycryptocurr...t-is-eos-crypto.html
Analysis
EOS is extremely well hyped right now - everyone's talking about it! Why? Well mainly because they are set to launch their mainnet in early June (eoscountdown.com/). Now, whether or not they make the deadline is going to play a huge role in EOS' price. As a direct competitor of Ethereum, we will need to see how much better/worse the system is after launch. If EOS holds up to their claims, the market cap should eventually make its way up to match Ethereum's (as of today, that would be 5x higher). However, if EOS misses their deadline or the project isn't as developed as we hope, investors may move money elsewhere - and you should too.
That being said, I'm loving this EOS chart! Consolidation is one of my favorite things to look for before buying a coin and EOS is consolidating perfectly. You see, EOS is a very solid project and so over time I have no doubt that it will increase in value. However, just like trading any other crypto, there is always a chance for volatile pullbacks in the short-term. Seeing this consolidation gives us comfort that there is a floor somewhere around $16.50 and could provide us with a chance for some strong gains with minimal downside. Also, the RSI is not overbought, which further supports room for growth.
As a hodler, there are 3 main things I'm watching:
Thanks again for reading!
Keeping it simple, your friend,
Simply :)
Free Beginner-Level Crypto Reviews @
www.simplycryptocurrencies.com
Background
EOS, named after the Greek Goddess herself, is a very exciting project in the crypto world. For those of you who are unfamiliar, the project is basically creating a scaleable operating system for developers to create and run DApps (decentralized applications) on. It will use smart-contracts and be in direct competition with Ethereum. To learn more, check out our beginner level overview of EOS: www.simplycryptocurr...t-is-eos-crypto.html
Analysis
EOS is extremely well hyped right now - everyone's talking about it! Why? Well mainly because they are set to launch their mainnet in early June (eoscountdown.com/). Now, whether or not they make the deadline is going to play a huge role in EOS' price. As a direct competitor of Ethereum, we will need to see how much better/worse the system is after launch. If EOS holds up to their claims, the market cap should eventually make its way up to match Ethereum's (as of today, that would be 5x higher). However, if EOS misses their deadline or the project isn't as developed as we hope, investors may move money elsewhere - and you should too.
That being said, I'm loving this EOS chart! Consolidation is one of my favorite things to look for before buying a coin and EOS is consolidating perfectly. You see, EOS is a very solid project and so over time I have no doubt that it will increase in value. However, just like trading any other crypto, there is always a chance for volatile pullbacks in the short-term. Seeing this consolidation gives us comfort that there is a floor somewhere around $16.50 and could provide us with a chance for some strong gains with minimal downside. Also, the RSI is not overbought, which further supports room for growth.
As a hodler, there are 3 main things I'm watching:
- If Bitcoin has a large pull back, EOS and other cryptocurrencies probably will too. At that point, technical analysis like this would be irrelevant and falling out of consolidation wouldn't necessarily be a bad thing for EOS.
- If, however, EOS falls below the consolidation (below $16) on it's own - and not because of Bitcoin - it would be a bearish signal.
- If we remain in consolidation, just keep watching the EOS mainnet deadline and other news. If they hit their mark, hodlers will be happy.
Thanks again for reading!
Keeping it simple, your friend,
Simply :)
Free Beginner-Level Crypto Reviews @
www.simplycryptocurrencies.com