By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, November 26th, EOS is trying to stabilize and restore its positions after the previous fall. It is chiefly trading at $2.59.
On D1, the EOS/USD pair is trading inside the mid-term channel. Currently, the price may correct upwards to $2.95. After that, the descending channel will keep forming as the price will decline to $1.95. The idea of the correction is supported by the Gold Cross forming on the MACD.
On H4, the is a correction in a downtrend. Even with the seeming stability of the decline, we cannot exclude a correction to $2.95. On the Stochastic, the lines have entered the oversold area, which may also signify potential growth to $2.95.
The EOS has declined significantly. The key reason for it is the trend of the whole market, where the slumping BTC has pulled down other altcoins. In the top ten of the most popular cryptocurrencies among the investors, the ETH and EOS have shown the worst results, dropping by more than 10%. The global market capitalization has declined by $34 billion in a week since the beginning of sales.
The EOS cannot fight the sellers all by itself – the crypto market is too volatile. However, it has several fundamental footholds that he may rely on later.
For example, the network itself is aimed at designing scalable decentralized applications dApps. This may be of interest equally to corporations and startups. The EOS has the opportunity to process millions of transactions a minute which, in theory, makes the blockchain appealing to banks. With time, bank market participants will conclude that they need to modernize their work, and the blockchain will turn out right on time here. All the decisions about the development of the network are made by voting, which makes them more democratic and transparent. In other words, even at first glance the possibilities of the EOS blockchain look appealing and wide. In the long run, this should support the price of the token.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Image(s): Shutterstock.com
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