Crypto Update: EOS, NANO, and WTC Look Bullish
On August 22, 2018 we published an article revealing how Ontology, ICON, and Populous reversed their trend after bouncing from historic support areas. This was a signal that the worst of the altcoin apocalypse in 2018 was likely over. Bears look extremely exhausted and bulls are exploiting the situation. We have the next batch of altcoins to continue this trend.
In this article, we show how EOS/ETH, NANO/BTC, and WTC/BTC have joined the bullish reversal bandwagon.
The EOS/Ethereum (EOS/ETH) pair came off lows of 0.014913 on August 10. At that price, the market shed over 55% of its value from the all-time high of 0.033261 that was seen on April 29.
It appeared that EOS/ETH had more downside potential. However, bears no longer had it within them to drive the market even further.
Daily chart of EOS/ETH
As you can see, bears were up against the uptrend support of EOS/ETH. The market has respected this support since October 2017. Bears needed to generate extremely high momentum to follow through. Unfortunately, the market was already in oversold territory. This gave bulls the spark they needed to rally and break out of the falling wedge on the daily chart.
EOS/ETH is one more altcoin pair that’s likely out of bear territory.
Coinmarketcap ranks NANO (NANO/BTC) as the 24th largest cryptocurrency in terms of market capitalization. The altcoin would have ranked higher if it did not lose over 80% of its value from the 2018 high of 0.002945. No thanks to bears who have imposed their will for most of the year.
But no more.
Daily chart of NANO/BTC
NANO/BTC just posted one of the strongest breakouts I have ever seen, as volume skyrocketed to almost 320% of its daily average. Based on the Binance chart, it appears that NANO has never printed that extreme volume level before.
As a result, we can see a convincing breakout from the falling wedge. This sends a reverberating message that NANO is in bull territory.
The Walton/Bitcoin (WTC/BTC) pair is down over 80% from its 2018 high of 0.0038789. The market has been bearish for most of the year. But just like the altcoins in this article, that deep bearishness was the main catalyst for a bullish breakout.
Daily chart of WTC/BTC
Walton/Bitcoin eradicated the large falling wedge pattern that has kept the market bearish for more than half a year. The breakout happened after the pair bounced from long-term support of 0.0003. This encouraged more bottom fishers and bargain hunters to enter long positions.
In addition, the breakout was pushed by heavy volume. While WTC/BTC did not generate extremely heavy volume on the day of the breakout, volume remained elevated over a four-day period. This suggests that participants were willing to buy the market even if prices were surging. It appears that buyers expect the market to rise significantly in the near future.
Lastly, the RSI also broke out from a large falling wedge. This is another indicator that bears are no longer in-charge.
The worst of the 2018 altcoin apocalypse appears to be over. Bulls have emerged as bears wither in exhaustion. EOS, NANO, and WTC are just the next batch of what seems to be a long line of bullish reversal bandwagoners.
Featured image courtesy of Shutterstock.