EOS breaks to a new low.
EOS is still under pressure, on hourly chart price created a descending triangle which is normally leads to a break to the downside. It think on play are two scenarios, first is stop hunting of the previous low and possibly a break lower to all time low which is few pips away at 0.0025000.
Longer term chart, price is still within descending channel. For trend to change we need first to break that channel then for confirmation a break of previous high at 0.0037928 is needed.
EOS have one year ICO, so every day new 2 million coins will be distributed. Currently there are 346 coins and the total amount of coins in circulation will be 1 Billion. While ICO is still running EOS will stay under pressure. I think this will be a great opportunity to keep buying EOS on dollar cost averaging. ICO will last 351 days, there are 277 days left. I have no doubt that after the ICO is over, block.one, the company behind EOS will release the software.
If you look at my previous post, you'll notice that I'm a mass psychology fan. If I'm interested to invest somewhere I read every single article that google can find and every single tweet. I always make my own decisions, so should you. Regarding EOS I read a lot of articles calling it a scam, without any reasonable explanation why. That gives me even more confidence to keep investing. I heard a lot of people calling Ethereum a scam and a shitcoin when I was buying at $7.50.
Source: EOS.io
Charts: Source: Tradingview
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Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.