2018-12-18 18:19 |
Top Ten Cryptocurrencies by Market Cap
EOS is the top performer in the top ten cryptocurrencies over the past 24 hours.
The smart contract platform has risen from around $1.8 to over $2.6 over the past four days, an over 40% increase.
This surge has put EOS into the position of the fourth largest cryptocurrency by market cap, after overtaking Stellar Lumens.
EOS Daily Chart – Source: Tradingview.comThe surge brought EOS out of a range it had been trading in between $1.7 and $2.
EOS entered this range after a steep decline which had been taking place since mid-November when EOS traded around $5.5.
The currently surge looks likely to increase in the near-term. Today’s daily candle is forming a Marubozu candle.
A Marubozu candle is a candle with little or no wicks and shows strong movement in one direction.
The momentum is also strong with the buyers as both the daily MACD and RSI increase.
EOS Hourly Chart – Source: Tradingview.comThe hourly chart shows in closer detail the surge which brought EOS out of its trading range between $1.7 to $2.
After surging over the space of a few hours, EOS reentered a range from around $2.32 to $2.52.
It has since continued its surge and broke through this range also to the upside.
This is a bull flag pattern where price continues its surge after briefly entering a range after the initial surge.
Although momentum is on the side of buyers as both the hourly RSI and MACD increase, a bearish divergence is forming between the price and hourly RSI.
A bearish divergence is a typical reversal pattern and takes place when price continues to form higher highs despite buying pressure falling back and forming a lower high.
Whether this indicates a reversal remains to be seen, and there is a strong chance that it will not, given the strong buyer momentum.
Key Takeaways: EOS is the top performer in the top ten cryptocurrencies. Buyer momentum is strong with a Marubozu candle forming on the daily and also the RSI and MACD increasing. Bearish divergence forming between hourly RSI and price which is a typical trend reversal signal. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.EOS Claims Number Four Cryptocurrency Position With Over 40% Surge was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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