EOS was second to Binance coin (BNB) among top ten Altcoins to show confirmation of a bullish trend at the end of Q1. Read on for a recap of major technical price patterns across multiple time horizons on the EOSUSD chart, as well as interesting news announcements.
Speculative Adoption
EUM Lists on STEX Quarter 1 2019
Elitium, a blockchain startup in the Luxury industry built on the EOS network, was listed first on BitMart and later on STEX.
The Elitium team has been actively working on the last listing in Q1, precisely on 20 March ’19.
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EOS leads China’s Center for Information and Industry Development in Blockchain and Cryptocurrency Rankings
During Q1, the CCID announced its rankings of the Global Public Blockchain Technology Assessment Index (GPBTAI).
In collaboration with the China Software Testing Center, the CCID rates the following criteria for ranking which involves basic technology, creativity, the applicability of the blockchain, and the cryptocurrency.
EOSUSD: Monthly
From a monthly chart perspective, the crypto winter for EOS lasted from May ’18 till January ’19, following an established all-time high of 23.1510.
The crypto winter started after a bearish inside bar was triggered on May ’18, supported by a bearish accumulation on Jul ’18.
On to the double bearish accumulation pattern which included the months of September and October ’18, the EOS price instantly started what seemed to be the last bearish descent of about 69%.
Eventually, the price burst out of a major current bearish accumulation pattern last month February ’19 after closing at 3.5681. A bullish accumulation pattern was triggered at the closing price of the March ’19 candle a confirmation for a bullish rally.
EOSUSD: Weekly
A glimpse from the weekly chart reveals continuous bearish closing dips that began from 05 November to 10 December ’18. Similar to the monthly chart, price bursts out of a bearish accumulation pattern on 17 December ’18, with decisive support at 1.550.
Following correction of the bullish price bounce on 17 December ’18, the price suddenly returned the gains. This price change didn’t persist for long, as the bullish bias gets strengthened by a double bullish accumulation pattern from 21 -28 January ’19.
Here, we get a nice low-risk entry point and earlier support to the breakout of the monthly chart breakout, netting an 87.7% gain to a 10.6% risk.
EOSUSD: Daily
The above daily chart ignited by a bullish regular divergence pattern on 02 February ’19 and followed by a breakout of bearish accumulation on 08 Feb ’19, fortifying the ongoing bullish trend on the weekly chart. This supports for scaling in additional bullish trade which made a 63.46% gain at a 16.7% risk.
The pair later corrected the gains and resumed in the upward direction after a breakout of bearish accumulation on 15 and 23 March ’19. Bullish hidden divergence patterns were simultaneously triggered on these dates for a 59% surge in the price of EOS.
EOSUSD: 4HR
The 4-hour chart is not forgotten in the early bullish campaign, as a bullish hidden divergence pattern is initiated and verified by a breakout of bearish accumulation on 15 February ’19 16:00 with support at 2.76.
An opposing trend reversal in the class of a bearish regular divergence was fired on 24 February ’19 12:00 with huge bearish volatility.
Later on, 05 March ’19 00:00, another bullish regular divergence was confirmed by a bullish accumulation for a bullish rally of 21% against a risk of 5%. From that point forward, the price started choppy bullish and bearish swings triggered on 07 March ’19 08:00, 14 March ’19 12:00, and 16 March ’19 12:00.
The above chart shows a breakout of bearish accumulation on 15 March ’19 00:00 as a bullish trend transition into the second quarter.
A bullish hidden divergence pattern in combination with a breakout of bearish accumulation on 31 March ’19 led to a 40% increase in the EOS price.
Conclusion and Projection
Though a further increase in the price of the EOS is anticipated, a price close above a critical resistance level on the 4hr chart is necessary for this to happen.
Generally, we look forward to a longer-term bullish rally from a weekly and monthly chart perspective, with projected price at 6.8299. This looks to be a good time to hold some EOS as all the time frames seems to converge.
Featured image by coinswitch
