EOS Price Analysis – July 5

  • The bulls are still in charge of the medium and short-term outlook.
  • Traders should look to buy after bullish candles reversal formation especially at key demand areas.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Bullish

Supply zones: $10.00, $11.00, $12.00

Demand zones: $6.00, $5.00, $4.00

EOS continues in a bullish trend in the medium-term outlook. The bulls kept the momentum high just as the bullish candle in yesterday analysis closed above the 10-day EMA. The cryptocurrency was up $9.43 in the supply area. This was a retest of the previous high.

The double formation at this supply area was the bears' opportunity for a return.  Price was pushed down the 23.1 fib area, which is a good trend continuation zone. The upward trend line as you can see serves as a good support for strong bullish momentum as each touch gives a bounce up.

EOSUSD Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is bullish in the medium-term outlook. The $9.40 in the supply area predicted yesterday was retested as the cryptocurrency saw upward movement in price due to the bullish pressure.

Although the bears' pressure pushed price down to $8.80 in the demand area. This was at the 61.8 fib level, a trend reversal zone. The formation of two hammers brought the bulls back that pushed price back up to $9.20 in the supply area. As the bulls increase their momentum we may see a retest of $9.40 in the supply area the second time 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.

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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