EOS (EOS) is on a bullish spree again. In fact, EOS (EOS) is one of the first coins to surge as soon as there is any indication of a recovery. This behavior is what has kept EOS (EOS) in the top ten as an investors’ favorite despite being at the centre of debates regarding centralization and ownership. The above chart for EOS/USD shows that the price of EOS (EOS) has been trading in a bullish gartley pattern against the US Dollar since 2017 and has yet to complete that formation.
The first half of 2018 was devastating for EOS (EOS) same as the rest of the market, but EOS (EOS) did manage to make another successful rally in April that extended all the way to May and made EOS (EOS) one of the few coins that made a new all time high during a market correction. If anything, this is indicative of the level of interest in EOS (EOS) and how deeply most investors are bought on the idea that EOS (EOS) could really be the Ethereum killer that it set out to be.
That could be a possibility in the future for all we know, but as of now the price is far from a trend reversal. EOS (EOS) reached a new ATH during the correction which has made its correction different from most other altcoins. This is why EOS (EOS) has yet to complete its correction even though the rest of the market has been through a 90% correction by now. IFTCC indicator on the above chart shows that the price of EOS (EOS) has topped out for now and is expected to fall towards the bottom of the falling wedge in the days ahead. VPCI indicator on the above chart also shows that EOS (EOS) does not have the strength to break the falling wedge at this stage and will have to reach the trend line (shown in white) to complete a full correction before a trend reversal.
Things are looking good on the EOS/BTC front as the price has reached the extent of its movement in a falling wedge as can be seen on the chart above. VIX profile for the same chart also shows that EOS/BTC is close to finding a bottom before the end of September. It is interesting to see how EOS (EOS) has been trading in two opposite falling wedges since 2017. This lends further credibility to the fact that EOS (EOS)’s correction against Bitcoin (BTC) is close to an end.
However, EOS (EOS) has yet to complete its correction against the US Dollar (USD). If the price rises without completing a correction, it will be a bad sign for EOS (EOS) as investors would not be confident in investing in an asset that might still complete a gap down at some point in the future. EOS (EOS) had had a correction of 72% only whearas most altcoins have had corrections of 90% or higher by now.