By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
This week, the EOS cryptocurrency resumed declining, and on Tuesday, December 10th, it is generally trading at $2.65.
On D1, the downtrend is slowing down, and a convergence is forming on the MACD. As the main goal of the developing trend, we should regard the fractal minimum of $1.55. However, keeping in mind the convergence, a breakout of the current resistance level at $3.35 may signal a reversal and the development of a new bullish cycle.
On H4, after a correctional rise to 38.2% Fibo, the quotations started declining to the minimum of $2.35. Upon breaking the minimum, the market may head for the support level of the current channel, which is $2.01. The Stochastic, with its Black Cross, supports the idea of a new wave of declining to the minimum.
The crypto department of the rating agency Weiss Ratings has lowered the EOS project to level C from the previous level B. It is known that the main reason for the worsening of the project’s position became its excessive…