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EOS, Dogecoin, Ravencoin wait with bated breaths as breakout looms



Source: Unsplash

Altcoins that suffered severe price drops on 12 March have been reacting differently, recovery wise, post ‘Black Thursday‘. While some coins have dropped further down, breaching major supports, others have managed to rise up and are maintaining a stable price level.


Source: EOS/USD, TradingView

EOS saw an uptrend in February, reaching $5.49 on 14 February, its highest since the start of 2020; however, the coin has been on a downward run since then. The coin further fell down by 57% on 12 March. The coin has been maintaining support at $2.05 for over a week now.

In the attached chart, a potential descending triangle formation can be seen, which indicates the likelihood of a downward breakout in the price. This was further confirmed by the CMF indicator.

Resistance: $2.60, $3.16, $3.84
Support: $2.05, $1.87, $1.68

Press time price: $2.27
Market Cap: $2,100,151,121
24-hour Trading Volume: $2,651,528,399


Source: DOGEUSD, TradingView

Ranked 33rd on CoinMarketCap, Dogecoin has also followed a downtrend like many other altcoins; it suffered a 50 percent drop on 12 March, however, it soon managed to rise up and was maintaining the support at $0.01, at press time. The attached chart indicates the formation of a potential ascending triangle, which signaled an upward breakout. Additionally, the Awesome Oscillator rested above the zero line, also predicting an upward breakout.

Resistance: $0.001, $0.0022, 0.0025
Support: $0.0017, $0.0025, $0,0014

Press time price: $0.0018
Market Cap: $231,540,685
24-hour Trading Volume: $163,933,483


Source: Ravencoin/USD, TradingView

RavenCoin, as seen in the attached chart, has been on a downtrend since mid-February. The 12 March price crash pushed the price further down by 66%. However, the coin has been stable for quite some time now, maintaining the support at $0.012, at press time. The MACD indicator showed a potential bearish crossover, indicating a downward breakout.

Resistance: $0.01, $0.02
Support: $0.012, $0.011, $0.010

Press time price: $0.015
Market Cap: $93,028,506
24-hour Trading Volume: $9,509,278

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.