- EOSU19 spiked with an incredible 20% in less than five days after finding a bottom.
- EOSU19 hits a snag at 0.000380BTC before breaking out of the rising channel support.
The recently launched EOS Token/Bitcoin Linear Futures Contract has been performing impressively over the last few days. The trading pair was launched on BitMEX in July at an introduction price of 0.00080 BTC. The asset plunged to new lows barely a couple of months following the debut. However, the daily chart shows a possible bottom has been found at $0.00030 BTC.
EOSU19 1-hour chart
A reversal from September 5 has transformed it into of the best performing crypto asset. The initial break above the 100 Moving Average four-hour chart left the door wide open for the buyers to explore. EOSU19 cleared the resistance of the descending trendline at 0.0003147 BTC before spiking upwards in a magnificent engulfing candle.
The movement through several resistance levels at 0.00031 BTC, 0.00032 BTC, and 0.00035 BTC was a walk in the park. A return of the sellers was encountered slightly above $0.00036 as they tried to launch a revenge mission. However, the 61.8% Fib retracement level came in handy by protecting the downside.
EOSU19 unstoppable breakout scaled through more resistance before hitting a snag at 0.00038 BTC. At press time, we see a correction towards the initial support at 0.00037BTC. The cryptoasset is valued at 0.0003723.
The technical picture has a bearish bias in the short-term following the break below the ascending channel. The Moving Average Convergence Divergence clearly shows a growing bearish momentum. From a high around +0.0000086, the MACD is growing a bearish divergence a +0.0000015. If the same downtrend continues the sellers will, in turn, increase their entries further pulling the price below the short-term support at 0.00037BTC.
Trending Stories
EOSU19 Key Technical levels
Spot rate: 0.0003722BTC
Support area: 0.00037BTC, the 61.8% Fibo and 0.00030BTC
Resistance zones: 0.000380BTC
Trend: Ranging
- G7 Countries to Discuss Crypto Assets This Week After Recent Terra Ecosystem Collapse
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
