EOS entered a corrective phase on Apr. 30 that has seen its price retrace over 27%. The smart contracts token went from trading at a high of $3.1 to hit a low of $2.3.
Despite the significant bearish impulse, data shows that large investors are accumulating EOS on every dip. If history repeats itself, this could be a sign that Ethereum’s rival is poised for a substantial upward movement.
Whales Are Filling Their EOS Bags
Santiment, a behavior analytics platform, noted in a recent report that something appears to be “brewing” with EOS. The firm affirmed that there is an inverse correlation between the “investors/baby whales” and “the big guys.”
“While retail [investors] have been distributing EOS, whales have been accumulating,” said Santiment.
Indeed, on-chain metrics reveal that the number of addresses with 100,000 to 1,000,000 EOS began rising on Feb. 9 of the present year. Since then, there has been a 20% growth in the number of whales behind this cryptocurrency and it continues trending up.
EOS Holder Distribution. (Source: Santiment)
Although the reasoning behind this behavior is unknown, EOS has shown robust development activity over the past couple of months. The development community behind this blockchain protocol continues making strides to expand the utility of its token despite the uncertainty in the global financial system.
Development activity is not necessarily a good leading indicator of price, but it adds legitimacy to this projects that sits in an industry plagued by scams.
EOS Development Activity. (Source: Santiment)
As EOS solidifies its network and whales rush to get a piece of it, its price seems ready for liftoff.
An Upswing on the Horizon
The Tom Demark (TD) Sequential indicator is currently presenting a buy signal on EOS’ 1-day chart. The bullish formation developed in the form of a red nine candlestick. An increase in demand around the current price levels could help validate this signal.
If this were to happen, the TD setup estimates that this altcoin may be bound for a one to four candlestick upswing or the beginning of a new upward countdown.
TD Sequential Index Presents a Buy Signal for EOS. (Source: TradingView)
Adding credence to the bullish outlook, the retracement that EOS has been going through since late April allowed it to hit the 50% Fibonacci retracement level.
Based on Gann’s 50% retracement theory, this Fibonacci level presents a crucial opportunity to “buy the dip.” If EOS is able to bounce off this area with enough buying pressure behind it, it could rapidly rise and reach higher highs.
EOS Is Being Held by the 50% Fib Level. (Source: TradingView)
Nevertheless, market participants must be cautious about the dangers posed by breaking below the 50% Fibonacci retracement level. If this support barrier fails to hold the price of EOS, it could ignite a massive sell-off that pushes this cryptocurrency down to Black Thursday’s low of $1.42.
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Stellar Price Analysis (XLM/USD) On an intraday chart, stellar has recorded a strong selling pressure that has led to a dip in the volatility level. XLM/USD pair began the sell-off yesterday trading at $0.
XLM/USD XLM/USD pair began trading at $0. 08332 and is now at $0. 08276 that translated to a dip of 0. 67% over the last 24hrs. The bearish pressure seemed to have been supported by the 21-day MA that gravitated above the 7-day MA throughout the intraday outlook.
Ethereum (ETH/USD) Over the last 24hrs, ETH/USD pair experienced an extensive fall. ETH began the day trading at $222. 47 but is now at $216. 30. This translated to an intraday dip of 2. 8%. The bearish pressure was being supported by the 21 day MA that is currently gravitating above the 7 day MA.
BNB has managed to breach resistance levels of USD 20 to attain a new high of USD 21. BCH has been range bound for the last 24 hours seemingly portraying a market that may be headed south. EOS has also been on a sideways market with indications that it may dip further.
Crypto markets back up today; EOS and Binance Coin leading, Ontology and Tezos close behind. Market Wrap There was doubt of a dump yesterday, looming like dark clouds on the horizon, however a stiff breeze has cleared them out and crypto markets remain buoyant for another day.
Crypto markets rallying again; EOS on a charge, Cardano flips Tron, Binance Coin pulling back. Market Wrap Crypto markets have rallied once again following a two day dump that dropped almost $5 billion off total market capitalization.
Following an abrupt short-term dip from $132 billion to $126 billion, the crypto market has almost fully recovered as Bitcoin bounced back to $3,800 and assets like EOS and Litecoin recorded 10 to 13 percent gains.
Crypto markets bounce back from a minor dump; EOS and Binance Coin making slow progress, the rest still stagnant. Market Wrap Things are still stable as we end another week in crypto land. Last weekend’s epic $17 billion big dump has not accelerated losses and total market capitalization has remained range bound at the $130.
EOS has formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 4-hour time frame. Price is bouncing off the top and might be due for another dip to support around 2.
After solid gains, altcoins are slowing down but not bearish. From the chart we can see that ADA/USD and XLM/USD pairs are trending higher within a bullish break out pattern. At the same time, LTC/USD is down while EOS/USD is flat despite release of EOSIO 1.
Cryptocurrency arbitrage is often considered to be a viable way of scoring profits during volatile market trends. All top markets are currently going through a medium-sized dip, which means prices between exchanges will be very different.
Ethereum, EOS, Cardano and Iota got smashed while XRP, Stellar, Tezos and Dogecoin survived the big dip. September has not been a good month for crypto markets. Following the huge rout in August things got worse and new lows were reached once again.
A single day of BTC dip was enough to wreck havoc in altcoins valuations. It’s because of that, that most coins under review as EOS, Cardano, Stellar Lumens, Tron and IOTA will end up bearish and likely resume a trip to new 2018 lows throughout this month.
The current momentum across the cryptocurrency markets remains rather positive. Despite the gains noted by Bitcoin and most top currencies, not all markets are performing as one would expect at this time.
What follows is an open letter from Jimmy Zhong, co-founder and CEO of IOST, to his team members and shared with Bitcoin Magazine with permission. Recently, I’ve been thinking about an ultimate way of safely storing value — gold, Bitcoin, real estate and power all came to mind.
As the old maxim asserts: those who made the most money in the gold rush were those who sold shovels. With our own digital gold rush in a downturn, however, the shovels aren’t selling so well, as mining companies themselves are struggling to move hardware because miners are struggling to turn a profit.
Most of the positive momentum forming across different cryptocurrency markets earlier today has completely evaporated. The coming week will be another tough nut to crack for Bitcoin and the thousands of alternative cryptocurrencies.
All cryptocurrency markets are still suffering from sideways and bearish trading momentum. This situation will remain in place until Bitcoin gets its act together once again. For the EOS price, this waiting game has resulted in a pretty steep decline over the past 24 hours.
Coincidentally, in the days following the hack, there was a large marketwide dip — Bitcoin and Ethereum dropped 11 and 15 percent, respectively. On a small positive note, Bithumb promised to fully reimburse all those who had cryptocurrency stolen from them.
FOMO Moments Markets are crashing, altcoins getting hit hardest are EOS, Iota, Ethereum Classic, and Ontology The selling pressure has gained momentum over the past 24 hours and markets have slid to their lowest levels this year.
Over all, yesterday was a pretty good day for alt coins. Fact is we saw higher highs in most coins under our radar and spearheading this recovery was Tron. At some point, Tron was up 20 percent and this comes some five days before Tron’s mainnet launch which like others often come with dip in.
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