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.

TRON Foundation Announces $20 Million TRX Buyback to Promote Market Stability

The TRON Foundation, an organization created to support the development of the TRON network, has recently announced a $20 million TRX token buyback that’s set to “promote community activity and market stability.”

According to a Medium blog post, the TRX buyback will be “by far the largest” token buyback plan the Foundation has ever had, and will have “the widest coverage in the secondary market.” The buyback is set to last for a year and will have several batches.

The TRON Foundation’s TRX holdings, it added, will be unlocked on January 1 of 2020, although the organization has no plans for its TRX at the time. Currently, one TRX token is trading at $0.034 after falling 10.6% in the last 24-hour period.

The token’s price dropped amid a major market sell-off that has seen the price of some altcoins – including Litecoin, EOS, and XRP – drop by well over 10%. The price of BTC is currently down 5.4% in said period. The selloff is likely being caused by traders taking profits off of the bull run we’ve been seeing since the beginning of the year.

Earlier this year, TRON announced a soon-to-be-released upgrade for its blockchain, called Odyssey 3.6. It’ll reportedly include features that are set to improve the network’s security and stability.

As CryptoGlobe covered, in May of this year the TRON Foundation announced BitTorrent, a leading peer-to-peer file sharing platform, would be incorporating the BitTorrent File System (BTFS) protocol to “allow users to receive and host storage on their computers with other individuals and businesses.”

The TRON Foundation has recently celebrated its Independence Day, as on June 25, 2018 the TRON mainnet was launched and its genesis block was created. Since then, the network has grown to over 3.1 million mainnet addresses, and an average of 1.5 million transactions per day, according to Justin Sun.