EOS Price Analysis – March 14

  • The medium and short-term outlook is in a range bound market.
  • Traders should be patient during this period of consolidation.

EOS, EOSUSD,EOS chart by TradingView

EOSUSD Price Medium-term Trend: Ranging

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

EOS remains in a range-bound market its medium-term outlook. The bears kept the pressure up and pushed the price down to  $3.54 in the demand area before the loss in momentum yesterday. $3.71 was the high of the as the market before the end of yesterday's session. Today’s 4-hours candle at $3.63 closed as inverted hammer an indication of sustained bear pressure.

The price is around the two EMAs with the stochastic oscillator signal in a parallel line at 46% an indication of possible bear pressure as EOSUSD is already down to $3.53 within the range.

EOSUSD is in consolidation and trading between $3.90 in the upper supply area and at $3.50 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken. 

EOSUSD Price Short-term Trend: Ranging

EOS, EOSUSD,EOS chart by TradingView

EOS is in consolidation in its short-term outlook. The bears' pressure broke the lower demand area at $3.60 and returned the cryptocurrency back within the range. Rejection of the further downward movement was obvious as denoted by wicks.

$3.54 was the low before the bulls pushed price back into the range.

The price is within the two EMAs and the stochastic oscillator signal is parallel at 55% which is a reflection of the ranging scenario in the short-term

$3.74 in the supply area is the upper price range while $3.60 in the demand area is the lower price range. A breakout from the upper supply area or a breakdown from the lower demand area may occur hence patience is required for this to play out before taking a position.

 

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

Facebook’s Digital Wallet Subsidiary Calibra Rebrands to Novi

Facebook’s digital wallet subsidiary Calibra has rebranded to Novi, a name that was inspired on the Latin words “novus” and “via,” meaning new and way, respectively.

The rebrand came with a new design meant to represent the “fluid movement of digital currencies,” while maintaining the Libra icon on its logo. An announcement the firm published reads:

While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services.

The announcement details that users will be able to use the Novi wallet as a standalone app to send and receive Libra digital currencies, and that it will also be integrated into Facebook’s Messenger and WhatsApp applications.

Per the announcement the wallet will include “no hidden charges,” and transactions will be instant. To use Novi, customers will have to be verified using government-issued ID, and “fraud protections” will be built-in to prevent illicit uses.

It further added that Novi hopes to launch when the “Libra network is available.” An initial launch will only include a specific set of countries, and the firm will have a customer support team available 24/7 to help out its users.

In a FAQ section on Novi’s website,e the firm seems to imply there will be minimal to no transaction fees, as the answer starts with a “what you send is what they get,” before adding users won’t have to worry about hidden charges. It concludes Novi is “cutting fees to help people keep more of their money.”

On social media Kevin Weil,co-creator of Libra and Novi’s VP of Product explained the rebrand came as it could be confusing for people to have two different organizations, the Libra Association and Facebook’s Libra wallet subsidiary, with such similar names.

Featured image via Unsplash.