Key points:
- EOS Base Challenged, But Intact
- EOS Price Forecasts
- EOS Recap
The EOS cryptocurrency has posted a more robust recovery through the summer but with a more negative tone for the first half of September. The recent setback has questioned the intermediate-term basing phase, but with a skewed threat for a renewed positive theme into the second half of September and Q4. We also give a brief EOS explainer/ recap.
EOS Base Challenged, But Intact
The EOS cryptocurrency has built on the consolidation from mid-June that we highlighted in a prior article here, with a more vigorous rallying phase through the summer. July gains up to 144.86 (above the swing resistance from May at 143.57) and the strong August extension rally up to 194.50 have highlighted a more bullish theme.
A more negative tone has been seen for the first half of September, however, as recent losses have probed the intermediate-term bottoming support trend line this week. However, whilst minimally above swing supports at 136.20/134.34, we see the bottoming and recovery bias intact.
EOS Price Forecasts
Whilst holding above 136.20/134.34, we see the skewed threat for a renewed positive theme and upside pressures to resurface into the second half of September and on into Q4. Minimally we would look for a September target at the recent 186.74 high and maybe back to the August peak at 194.50 into October. Bigger picture for Q4 and year-end, though, the bias could be for a more aggressive advance closer to targets at 288.54/ 317.18.
However, should next 136.20/134.34 supports be surrendered, the risks will shift back for a retest of more notable supports at 125.50/124.22, 106.58 and even 88.86/87.00 and maybe with risks back closer to the June bear market low at 81.51.
EOS Recap
EOS was launched in 2018 with a $4.1 billion coin offering by the private company block.one. It is a cryptocurrency that is based on a blockchain and decentralised platform which is primarily used to run, develop and host business applications. The open-source software called EOS.IO is used on the platform and cryptocurrency tokens, EOS, are used as a payment system on the network. You can learn more about buying EOS in our handy guide, How To Buy Altcoins.