Top 100 ranked blockchain Eos (EOS) has pumped +5% in the aftermath of news that the digital asset has been approved for trading by Japan’s Virtual and Crypto Asset Exchange Association (JVCEA), with markets going live in mid-September.
The bullish announcement ignited a frenzy of activity, breathing much needed life into EOS which has been in consolidation for two-weeks.
With white-list approval in Japan, regulator-approved BitTrade will be responsible for launching EOS trading – in a highly anticipated move by Japanese markets.
EOS Price Analysis: Is it Too Late to Buy EOS?
With price action now undertaking retracement following the sudden upshot move, EOS is trading at a current market price of $0.61 (representing a 24-hour change of -1.91%).
The recent push-up comes following 13-days of consolidation above $0.575 in the aftermath of a new all-time low for EOS at $0.51 on August 9.
Much to the relief of anxious bag-holders, the upside swing saw EOS reclaim support from the 20DMA in a significant development for technical structure.
Highlighting the significance of this move, the 20DMA has suppressed upside price action for 38-days since July 24.
Despite the gains, EOS’s RSI remains cool and level, maintaining a bullish oversold signal at 42.44 – suggesting that there is still capacity to push up higher in an attempt to flip $0.65 to support.
The MACD also maintains bullish divergence at 0.0007 – reflecting the improved technical structure.
Overall, with price action strengthening in form, a brief consolidation here could establish the footing to push higher in the trading channel.
This would leave EOS facing an upside target at $0.65 (a possible +5.6%).
While downside risk remains significant here, with a fall down to $0.575 (a potential -6.5%) likely in the event of rejection from the 20DMA.
EOS therefore carries a risk: reward ratio of 0.88 – an entry dominated by downside risk on the short-time frame.
However, with EOS trading tipped to begin in Japan in Mid-September, it is certainly not too late for traders to take position for a mid-time frame play.
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