Cryptocurrency markets have created a lot of hype. That is why it does not come as a surprise that many of the investors are looking for the next big cryptocurrency. Currently, a lot of hype is being garnered by EOS. It is also one of the very few cryptocurrencies which is trading in the positive on a year-to-date basis. This is another factor which is garnering the attention of the investors to this cryptocurrency.
However, in the last couple of months, it has fallen as well.
When it comes to retracement, Fibonacci levels are often considered as the right technical levels to invest in. Many of the technical traders are trying to figure out whether the 38.2% retracement level will hold or not. The other retracement levels which can be looked at are 50% as well as 61.8%. Accordingly, they can be considered as support or resistance is. In case, the 38.2% level manages to hold, many of the technical traders expect that the cryptocurrency will increase further. Currently, as the cryptocurrency is falling, the volumes in the cryptocurrency have also decreased significantly. That is why any kind of fall back will be on heavy volumes. This will again reduce momentum into the cryptocurrency which has been going pretty strong this very year.
Many of the analysts actually believe that this currency is actually in a bullish trend in spite of the recent fall.
In which direction will it move?
EOS according to many of the analysts will be testing the $ 20 mark. If indeed, it is able to hold that level, it can rise to as high as $ 23. This clearly indicates that 20 will be a crucial level for this particular cryptocurrency. In case, it falls be on 20 levels, it can fall significantly since the movement will be broken then. This is the reason why $ 20 is being watched pretty closely as well. Moreover, the volumes will also matter a lot. If it falls on heavy volumes, that clearly indicates that most of the traders are actually selling the cryptocurrency in anticipating a further fall. In such a case, it will be a good idea to stay away from the cryptocurrency.
Currently, however, it seems like it will hold a $ 20 mark. If indeed, it holds the $ 20 mark, it will be easier for the cryptocurrency to bounce back as the confidence in the cryptocurrency will be on the higher side.