EOS Whales Accumulate in Preparation for a Major Price Movement | Crypto Briefing
cryptobriefing.com
14 May 2020 12:31, UTC
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Large investors appear to have been accumulating EOS over the past few months suggesting that a major price movement could be underway.
Unusual On-Chain Activity
Data from Santiment reveals that since mid-April, EOS’ social activity has been experiencing a series of spikes reaching levels not seen in more than a year.
Throughout the first quarter of 2020, the number of EOS mentions across more than 1,000 crypto social media channels hovered at an average value of 50.
But on Apr. 13, social engagement metrics skyrocketed to a score of 416.
EOS Social Volume by Santiment
At roughly the same time, big players started to heavily accumulate this altcoin.
The number of addresses with 100,000 to 1,000,000 EOS, which can be considered as “baby whales,” doubled since mid-February.
Meanwhile, the number of “big whales” holding 1,000,000 to 10,000,000 EOS has increased by a whopping 22% within the same timespan.
This type of behavior indicates that EOS may be preparing to push its price further up before they can find a reasonable level to dump their holdings on unaware investors.
While the optimal price level for them to do so cannot be determined, a look at the technicals may help paint a better picture.
EOS May Be Poised for an Upward Advance
EOS is one of the few top cryptocurrencies by market cap that has not been able to fully recover from the losses incurred during March’s market meltdown.
This cryptocurrency is still down 18% since Black Thursday.
The slow upward price action may not be encouraging to some investors, but others see it as an ideal entrance as the coin could continue growing.
This coincides with the forecast presented by the TD sequential indicator on EOS’ 1-day chart.
The TD setup recently provided a buy signal in the form of a red nine candlestick. The bullish formation estimates a one to four candlesticks upswing or the beginning of a new upward countdown.
Since the current candlestick is a green one candle, a succeeding green two candle trading above the close of the current one could serve as confirmation of the optimistic outlook.