Constantly looking for new crypto projects that can shoot and give good interest, we forgot about good old coins. Despite the constant updating of the cryptocurrency market rate, NEO and EOS continue to maintain good trading volumes and may present powerful growth waves in the future. Today we will take a closer look at these crypto coins.
EOS: Where to buy for a long term target of $8?
The tense situation in the altcoin market and the weak reaction to BTC attempt to start growing is starting to worry. Analyzing the EOS cryptocurrency over the past two months, buyers have completely left the initiative in the wrong hands. If in the period 8-13 June, buyers had every chance to reverse the local sellers’ trend, now we see a lack of support and desire:
On the 4-hour timeframe, we showed how buyers kept the important range of $4.4-4.7 for a month, which has now become their main problem. On 19 May, during a massive fall in the cryptocurrency market, EOS buyers kept the price in this range. Though, a month later, sellers without volumes were able to lower the price lower and take control of this important range without any problems.
On the 12-hour timeframe, you can clearly see that the EOSUSD price is moving in the white fall channel from 27 May:
The lower trend line works out especially accurately. Yesterday, buyers had a chance to go beyond the white channel and break sellers’ plans. Although, as we see on the chart with such trading volumes, it is very difficult to reverse the medium-term trend.
Local scenario for the EOS market
On the 6-hour timeframe, the price moves in a black wedge. The critical point for the continuation of the upward trend is at $3.7. Below this level, buyers will lose local initiative and will again have to prove their strength at the level of $3.35. Therefore, below $3.7, we would not recommend keeping this coin for local speculation in the EOS market.
If the mark of $3.7 is kept, we will expect the price to continue growing to $4.4-4.7. At this point, it is worth thinking about fixing profitable short-term positions.
If we look at the global situation on the EOS market, we can see that the price is practically at a historical bottom:
On the EOSBTC chart, it is noticeable that globally buyers are gaining a large position since January 2021. At the moment, if we see another fall wave in the EOSBTC market, this will give an opportunity for investors to buy the coin for a long term in the range of 0.0000725-0.0000850.
To summarize our analysis:
- Local continuation of growth is possible after the price fixes above $3.7
- The target of the local growth trend is in the range of $4.4-4.7
- The loss of the mark $3.35 will open the way for sellers up to $2.5
- The first big target for the EOS market growth is $8.
We lost sight of NEOUSDT, it turns out that the last time we did the idea was 2.5 months ago.
But the previous idea worked very well, exceeding our targets, a maximum – $141.
And then there was a fall, clearly in levels, look through the previous idea and you will see everything for yourself.
On the recent fall, the level of $28 received the status of a strong mirror, since it previously served as a strong resistance, and now coped with the role of support.
For the next few days, it is necessary that the level of $28 once again adequately withstands the blow from above and an aggressive buyout of buyers begins. In this case, we can safely expect the NEOUSD price to grow to $60 at least.
If the level of $28 does not withstand the pressure of sellers, then the price will fall below, and long positions will gain from $20 and above.
