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EOS bullish trend strengthened by Coinbase listing

Sanmi Adeagbo | May. 31, 2019
EOS bullish trend strengthened by Coinbase listing

Coinbase announced that it now supports the EOS cryptocurrency and can be used by its retail clients.

May 31, 2019 | AtoZ Markets - EOS has been bullish this year and has remained one of the top gainers since the current recoveries started in December. With market capitalization at $7.26 billion, it's ranked 5th on Coinmarketcap. Since it bottomed at $1.5 in December, EOS has gained over 450% to hit above $8. Overall, the cryptocurrency has recovered over 1/3rd of the entire 2018 bearish trend.

EOS Coinbase listing EOS: good news?

In a blog post published on May 30, crypto exchange Coinbase announced that it has added support for EOS for its retail clients. The support extends to Coinbase Andriod and iOS apps. The post added that ''customers can now buy, sell, convert, send, receive, or store EOS.'' However, the EOS service will have geographical limitations and will be available to residents in the UK or the state of New York for now. the long term plan is to have it available for most jurisdictions. 

This news has come good for EOS but the cryptocurrency couldn't extend its gains as it was overwhelmed by the broader bearish market sentiments. On Thursday, after hitting a fresh 2019 high at $8.5, it was bearish for most of the day and closed at $7.3 making a 24-hour low at $6.9. However, on Friday, it has so far recovered most of the Thursday sell-off and now close to $8. Going into June, it remains to be seen whether a full recovery above $8.5 or further dips will happen in the early days of the month. The following looks at the technical outlook based on Elliott wave theory.

Elliott wave analysis: EOS bullish trend

The wave pattern emerging on the price chart of the top cryptocurrencies show the emergence of impulse wave patterns. Bitcoin, Litecoin, Ethereum and Bitcoin Cash have shown clearly that there is still room for more rallies before a major bearish correction. 

EOS looks less like an impulse wave. In fact, it looks more like a corrective structure with price overlaps and retesting previous highs at every dip. This is quite different from what has happened so far on Bitcoin and other major cryptos. However, it's expected that EOS price flows with the underlying crypto market sentiments. Meanwhile, a corrective dip to $5 or below could happen in June.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.