EOS aborts liftoff a week after rebranding- what’s next
The EOS cryptocurrency has been one of many extra attention-grabbing performers in August. It loved a powerful rally forward of its rebranding however has since then let go of a lot of the beneficial properties within the final 10 days.
Understanding its newest value motion could assist formulate a good short-term outlook. On the time of writing, EOS was down by roughly 5.2% within the final 24 hours and 23.5% within the final seven days. It had beforehand rallied by about 130% from its present 2022 backside to the latest prime.
The most recent retracement thus displays the promoting stress from these cashing out after the rally.
EOS’s robust upside was backed by pleasure concerning the rebranding to Antelope. A robust uptick occurred previous to the rebrand date, thus forming a “purchase the rumor, promote the information” kind of value attribute.
Supply: TradingView
Moreover, the value as of 31 August, was transferring inside Fibonacci zones, and this offers a bonus so far as predicting the following end result is worried. EOS’ downward trajectory was going through friction on the 0.236 Fibonacci degree.
Each the Relative Energy Index (RSI) and the Cash Move Index (MFI) stood across the 50% degree, therefore an elevated chance of a bullish pivot.
Supply: TradingView
Ripe for the upside?
The alignment of a number of indicators could recommend that EOS is likely to be able to regain its bullish trajectory. It should safe numerous shopping for stress however its social metrics recommend, that shouldn’t be a lot of an issue.
Actually, EOS’ social dominance and social quantity metrics registered a notable spike in exercise between 30 and 31 August. This end result additional strengthens the case for a possible pivot.
Supply: Santiment
EOS’ weighted sentiment additionally highlighted a powerful shift available in the market sentiment since 29 August.
In the meantime, its developer exercise metric demonstrated a rise in exercise within the final 5 days. A constructive growth contemplating its trajectory earlier than mid-August.
Supply: Santiment
Buyers watch-out
The elevated growth exercise could additional cement the present short-term outlook. Nevertheless, buyers must also take into account the general market state of affairs.
Notably, some liquidity returned to the market between 30 and 31 August however the world crypto market nonetheless lingers someplace beneath $1 trillion.
This implies most buyers are nonetheless on the fence about shopping for again in. On the flip facet, the enhancing sentiment after the newest draw back is likely to be an indication of what to anticipate within the first week of September.
