EOS Price Analysis – August 28

  • The medium and short-term outlook is in a bullish trend.
  • Responsible buying at former supply areas-turned-demand areas with a bullish candle reversal pattern as further confirmation is advised

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Bullish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS is in a bullish trend in the medium-term outlook. The strong bullish pressure was sustained as the upper supply area of yesterday's range was broken at $5.30 with a large engulfing candle that pushed the price to $5.43. A retest of the broken supply-turned demand area occurred with the bearish 4-hour opening candle before the continued bullish momentum.

The price is above the two EMA crossover and the stochastic oscillator is 84% in the overbought region. The bulls are on the ground and an upward movement of price of the cryptocurrency may occur in the medium–term with a target at $5.80 in the supply area.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is in a bullish trend in the short-term outlook. The upper supply area of yesterday's range at $5.19 was broken with a large bullish engulfing candle. The price was further up at $5.43 in the supply area yesterday.

A minor pullback to $5.30 in the demand area due to the bears' pressure occurred but failed to break the 10-day EMA. The price is above the two EMAs crossover with the stochastic oscillator at 72% and its signal pointing up. This implies sustained bullish pressure as the journey north builds up.

 

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

 

Crypto Community Abuzz after Tron's Justin Sun Has Lunch with Apple's Steve Wozniak

Francisco Memoria

The cryptocurrency community was set abuzz this week after Apple co-founder Steve Wozniak revealed he had lunch with TRON founder Justin Sun, weeks after Sun touted a “secret project” for TRX.

On Twitter, Steve Wozniak initially revealed the pair had lunch at the Mandarin Gourmet restaurant in Cupertino, California. In response Justin Sun said it was an honor to meet Wozniak, but added he’s “looking forward to our partnership.”

The response set the cryptocurrency community abuzz as some started criticizing Sun for his very frequent announcements – even when he is just announcing an upcoming announcement – claiming these posts just see TRX supporters fantasize about potential partnerships, only to potentially be let down in the future.

Others, on the other hand, started connecting the tweet with some of Sun’s other announcements to speculate Wozniak may be involved in a soon-to-launched project that will, according to Sun himself, bring “at least 100 million users” to the TRX and BitTorrent ecosystem.

As CryptoGlobe reported, earlier this month Sun tweeted out the TRON Foundation was going to “start a secret project” for BitTorrent and the cryptocurrency-powered livestreaming platform DLIve, that will “create at least multibillion benefits” for both the BTT token and TRX.

In a follow-up tweet, Sun at least clarified he received advice from Steve Wozniak regarding the TRON ecosystem and the TRX token. Whether Wozniak will be involved in anything is unclear.

Sun is well-known for comments like these on social media. One reply to a recent tweet pointed out that in October 2019 he hinted at a new $100 billion partnership that was going to be supporting the TRX ecosystem. Given his reputation some users were skeptical of his recent announcement, and speculated he merely received advice from Wozniak.

Featured image via Unsplas