EOS (EOS) Price Analysis – July 19

  • The medium-term outlook is ranging while the short-term is bullish
  • Traders should be patient trading the consolidation in the medium term

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Ranging

Supply zones: $12.00, $13.00, $14.00

Demand zones: $5.00, $4.00, $3.00

EOS continues ranging in the medium-term outlook. The bears successfully pushed price down the lower range at $8.36 in the demand area of the range. This is below the 12-day EMA. The formation of a doji and subsequently a bullish candle confirms the bulls returned. Upward movement in the cryptocurrency is seen as price is above the 12-day EMA at $8.72 in the supply area due to the bull's momentum increased.

The stochastic oscillator is at 49 percent and it signals points up which further confirm upward momentum due to the bulls pressure. The price of the cryptocurrency may be heading north in supply area of the upper range.

EOS is still in consolidation and trading between $9.24 in the supply area of the upper price range and at $8.40 in the demand area of the lower price range. Patience will be a good strategy at this point of consolidation before taking a position.  

EOSUSD Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is in a bullish trend in the short-term outlook. The pullback by the bears retested the broken supply area now demand zone at $8.40 as predicted yesterday. This was a correction for uptrend continuation as the bulls returned.

Price is above the two EMAs which is a sign of the bulls return. The stochastic oscillator is in the overbought region at 79 percent and it signals points. This implies that the cryptocurrency head north as the bullish pressure becomes strong in the short-term. The cup and handle formation seen here is also bullish.

 

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

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.

 

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