Latest EOS News
After an extended crypto winter that saw different projects
wrecked and developers calling it quit, it appears that the path towards
stability is cooperation. Tron has been pretty successful in that and now Wanchain,
an Ethereum fork which is creating solutions for cross chain interoperability
allowing seamless value transfer between heterogeneous blockchains, will this
year support EOS—the fourth most capitalized coin and a project ranked as “Superb”
by CMC’s new partner, a blockchain analytic firm, Flipside.
Already, Wanchain incorporated Loopring—a layer-2 protocol
which allows third parties to build non-custodial DEX meaning token or coin
exchange can be done in a peer to peer manner without the need of an third party
while all order management is done off-chain—on their platform. Here’s what Jack
Lu, Wanchain’s Founder and CEO had to say:
“Wanchain’s interoperability platform is an excellent complement to Loopring’s protocol and will set the stage for a more advanced DEX ecosystem with the ability to offer cross-chain trading pairs and increased liquidity. “
All in all, 2019 could be an interesting year for DEXs
thanks to continued pummeling of centralized exchanges and increased oversight (and
demands) from protective regulators. Aside from Wanchain—Loopring initiative, Binance
is testing their version. However, should liquidity be overcame then we may as
well see a migration towards secure DEXs thereby drawing additional demand to
EOS—ranked as the best platform by China’s CCID.
EOS/USD Price Analysis
At the time of press, EOS performance is stellar and prices are up 1.9 percent in the last week with EOS changing hands at around $3.6 apiece. Even so, we should note that this could as well be a deserved correction and as price action dictates, a period of extended losses or gains should be followed by a correction. From the charts, it is clear that EOS is correcting and our resistance as laid out in the chart has been marked by a humongous bear bar.
Trend and Candlestick Formation: Short-term bullish and breakout pattern
From a top-down approach, sellers are technically in charge
and EOS is trending within a bear breakout pattern thanks to mid-Nov 2018
sell-off. Nonetheless, in the short-term and in a classic bear breakout
pattern, the current pullback could as well be the second stage—the retest
phase (targets at $4—which has been retested) before a trend resumption phase
Therefore, while we are bullish and anchoring our analysis
on the bullish breakout bar of Feb 18, we should also realize that the failure
of bulls to muster enough momentum and satisfactorily close above $4, reversing
losses of Feb 24 is bearish for EOS.
If EOS fail to close above $4.5 complete with above average
volumes exceeding 18 million in days ahead and instead drop below $3, we shall
have solid reasons to exit this trade as bears of Feb 24 flow back. If not and
prices rally, then bulls of Feb 18 would be present and in that case, first targets
will be at $6.
Our EOS/USD price analysis is based on Feb 18, 24 and
yesterday’s average at 14 million, 18 million and 3 million according to
streams from BitFinex. Since we are bullish, we expect prices to edge higher and,
in that case, EOS must print above $4.5.
As a result of this position, accompanying volumes must
exceed 18 million as price action confirms bulls of Feb 18. Conversely, losses
below $3 must be complete with equally high volumes exceeding 18 million and
recent averages confirming liquidation of Feb 24.
All charts courtesy of Trading View—BitFinex
This is not investment Advice. Do your Research.
The post EOS Price Analysis: Platform Top-rated, But Will Prices Rally? appeared first on Ethereum World News.