Cryptocurrency markets decided to wake up a day earlier and start pumping on Sunday. While Bitcoin is still groggy, EOS is up over 12% and Ethereum is up over 7% in the past 24 hours alone! Moreover, EOS is getting ready for another bull run as we speak. Let’s take a look at any relevant EOS news that might be driving the price up and see if the charts tell us anything interesting.
When it comes to current events, unfortunately there aren’t any exciting news when it comes to EOS. However, what’s exciting is how well the EOS blockchain has been scaling so far.
According to the above chart from coinmetrics, we mapped the transaction volumes of both EOS (gray) and ETH (purple). As you can see, EOS’ transaction count is higher than that of ETH. At the same time, EOS doesn’t seem to be having an issue handling that large amount of transactions in the first place, which is one reason it also has more dApp users.
If you take a look at State of the dApps, you will see that EOS dApps have considerably more users than Ethereum. While most of the top 5 popular EOS dApps are cryptocurrency dice games, there is a reason why their developers chose EOS over ETH.
EOS Price Analysis
Relative Strength Index: The RSI at the time of writing is at a high 62 points. It just recently tipped over the 70 point threshold into the overbought market territory, rebounding shortly after.
Bollinger Bands: As the price increased rapidly it crossed over the upper band, which caused the sharp rebound. Now that the price is within the range once again, it will be looking to stabilize.
Volume: There is quite a bit of volume for EOS right now, more so than for ETH or BTC (relatively speaking of course). This means that the market is alive and a sharp move in the near term wouldn’t be out of the question.
EOS Price Prediction
While we have been seeing some exciting bullish momentum for EOS, an unfortunate pattern has just unfolded – a double top. A double top is an extremely bearish sign which forms when an asset has reached a high point two times in a short period of time with a decline in between.
While the second top for EOS was slightly higher than the first, there was quite a decline in between. No chart is perfect, but this pattern should be taken into account. If you’re planning on entering a position, I would proceed with caution.
My prediction for EOS’ price is that it will respect the double top and retrace down to $3.5 where it’s comfortable. If Bitcoin decides to wake up, then EOS could harness enough power to make another bull run.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
The post EOS Price Analysis and Prediction for September 8th 2019 – Bull Run Intensifies appeared first on CryptoMode.