EOS Price Analysis – January 4

  • The medium and short-term outlook is in a bullish trend
  • Traders may consider buying at key area with bullish reversal candle as confirmation.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bullish

  • Supply zones: $9.00, $10.00, $11.00
  • Demand zones: $2.00, $1.00, $0.50

EOS remains in a bullish trend in its medium-term outlook. The bearish pressure from the doji and yesterday's opening session was lost at the 50.0 fib area which was at $2.67 in the demand area. This was around the 50-EMA.

The bulls gradually returned before the end of yesterday session and pushed EOSUSD up at $2.76 in the supply area increased momentum the crypto at $2.85 in the supply area which was at the 23.6 fib area.

With the price above the 50-EMA and the stochastic oscillator at 28%, the bulls still remain in control. A retest and subsequent breakout at $3.00 in the supply area in the medium-term is probable.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS remains in a bullish trend in its short-term outlook. The bulls resumed the upward price movement yesterday after each touch at the key demand area around the $2.70. EOSUSD was up at $2.85 in the supply area before a drop to the key demand area as a result of the bearish pressure.

The bulls are gradually staging a comeback at the key demand area for a bounce to the upside.

The stochastic oscillator is in the oversold region at 13% and its signal pointing up an indication of upward momentum in the cryptocurrency price 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.

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance