EOS Price Analysis - June 5

  • The bears are still in control of both the medium and short-term outlook for EOS
  • The 10-day EMA shows strong resistance and the bears always increase their momentum - especially around this indicator

Eos, EOSUSD, Cryptocompare chart

EOSUSD Medium-term Trend: Bearish

Supply zones: $16.00, $17.00, $18.00

Demand zones: $11.00, $10.00, $0.9000

The bearish trend continues in the medium-term outlook of Eos. The increase in bear momentum the pushed price further south - breaking the demand zone at $13.00 and making a further low at $12.84. A bullish railway track was formed at this area, and this brought the the bulls baclk to the scene. Their attempt to push the price high was rejected. The 10-day EMA serves as a strong resistance against the upward move - as you can see from the chart. The dail candle opened below the 10-day EMA which indicates more sellers in the market for a further push of the price to the downside. Today’s opening price was $13.63 as against yesterday's opening of $14.44 which is a reflection of the bears' pressure. The Stochastic oscillator was in the oversold region - but was rejected for upward momentum. Conversely, the downward momentum will prevail in the medium term as the bears keep the pressure high.

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chart

The medium-term outlook of the pair remains bearish. The bears kept the market under control as downward momentum was kept strong. From the supply area at $14.00 the price was pushed down to the demand area at $12.80. The bulls activities were minor in this area and may likely be a correction for a further price downward slide. The upper range of the Bollinger band serves as a good resistance while the lower range serves as a good support. The stochastic oscillator is at 41 percent and its signal points down which implies downward momentum in price. The bears may likely retest the $12.50 demand area in the short term.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

XRP Trading Now Available to Customers of Huobi Marketplace in USA and China

On Thursday (April 18), Huobi Marketplace (formerly known as "HBUS"), the cryptoasset exchange operated by San Francisco-based company HBUS Holdco, Inc. ("HBUS"), the exclusive U.S. partner of Singapore-based Huobi Global Limited (“Huobi Global”), announced that XRP trading had become available on Huobi.com.

The Huobi Marketplace originally went live under the "HBUS" brand on 10 July 2018. Initially, trading was only available in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Civic (CVC), Dash (DASH), and TrueUSD (TUSD). By 29 November 2018, 12 cryptoassets and 35 trading pairs were supported. 

Then, on January 11, HBUS published a blog post in which the company's CEO, Frank Fu, said that HBUS had "obtained exclusive rights to use the Huobi brand in the U.S." and changed the name of its marketplace (i.e. crypto trading platform) from HBUS to Huobi. HBUS also said that it had migrated "from its previous website (www.hbus.com) to the new domain at www.huobi.com."

In a press release issued on the same day, which was also posted to its blog, HBUS explained that it would continue to be "the company operating the U.S. trading platform," while Huobi Global, Huobi Group’s flagship digital asset exchange, would continue "to operate under its own name at hbg.com."

Here is how HBUS explained the advantages of this strategic partnership with Huobi Global:

"The exclusive licensing agreement and partnership gives HBUS a reputable brand to provide U.S. traders with localized trading experience. A closer relationship also means more technological support from Huobi Global for HBUS, which will provide advanced stability and security features."

Thursday's announcement by Huobi Marketplace informed customers that in order to provide them with "carefully vetted and high-quality trading options," it was adding support for XRP:

"Starting now, you can deposit XRP on the Huobi Marketplace, and the estimated opening time for XRP trading and withdrawals will be April 19th, 2019 at 12:00AM PST. Supported XRP trading pairs include XRP/USD, XRP/BTC and XRP/USDT."

 

Featured Image Courtesy of HBUS