EOS analysis and forecast (Fri, Sept 7th, 2018): Bullish pennant exploited

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If EOS can retest the level of $6.00, a further increase is expected.

In line with the disastrous 48 hours of trade in the market, EOS has suffered a 24% decrease of its value up to now. The big sell-off on Wednesday caused the price to go into free-falling from its 23.6% Fibonacci retracement level to the price of $5.00, only $1.00 higher than the bottom recorded in March.

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EOS D1 chart on September 7th, 2018

This cryptocurrency failed to test the threshold of $7.00 and fell short of investors’ expectation by a heavy decline in its price despite of a bullish pennant formed in the second half of August, the biggest bull trap ever!

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EOS H4 chart on September 7th, 2018

Earlier today , one of EOS block producers - EOS New York - has announced on its blog that the cost to create an account on EOS network has been cut by 25% with EOSIO contract update v1.2.1. An adjustment has been made on the resource cost charged to onboard users, which reduces the minimum amount of KiB needed to open a new account  from 4 to 3 KiB. That way, the barriers to develop on this network will be lowered.

EOS is anticipated to bounce back and pierce through the blue upward slope. If the threshold of $6.00 can be reach, EOS can crawl up to the resistance line of $7.00. Or else, the sellers may put downward pressure on the price to the support of $4.50.

Written by nami.today

 

 

 

 

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