Technical Analysis of EOS(Nov.18th)

EOS is a blockchain platform for the creation of decentralized applications (dapps). With an aim to offer faster transactions and scale better than Ethereum, it has attracted plenty of interest from the crypto community. This is still very risky cryptocurrency and investors should also have in mind the competition the EOS network will face from other similar projects. In my opinion, EOS will have big problems to compete with Ethereum which stands the number-one platform for dapps and smart contracts. The positive thing is that EOS has already teamed up with the likes of several big companies, decentralized exchange known as EOSfinex is the partnership between EOS and Bitfinex. When we look at the 1-year chart we can see that EOS is moving in “downtrend”. As long EOS is below $10 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $4 and $6 – If the EOS jumps above $8 that would be a “BUY” signal and the open way to $9 and $9.5. If the EOS jumps above  $10 that could be a strong signal of the trend reversal and the open way to $15. On the other side, if the price of EOS falls below $4 that will be a strong “SELL” signal and the next target could be around $3.5.

Advice: The current price of EOS is still very low and until Bitcoin recovers the price of EOS will not see any important movements in the upcoming period. In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. As for the technical picture, the EOS remains in bearish phase but if the price advances above $10, short-term traders can enter the position with the stop loss at $9 and take profit at $12 or even $15.