While the digital currency market has experienced some reprieve in the last couple of days and some have seen a little bit of recovery from their lower depths, there are some coins that are yet to join the recovery trend.
After some extensive research and scans, both EOS and Digibyte appeared to be in the radar, and it would be wise for both traders and investors to pay close attention to the action of these coins in the coming days.
According to the daily chart of EOS, it is currently trading below the 20-Day and 50-Day moving averages, while resting on its 200-Day moving average. Also, EOS seems to be building-out a possible bear Flag formation that both traders and investors need to look out for in the next couple of days.
However, while it is definitely not broken from a technical perspective, EOS will find itself in a potentially susceptible position if the pattern materializes to the downside. If the digital currency is capable of bouncing off its 200-Day moving average and maybe, capable of bouncing off the 11.65 level, such action would be a positive and welcomed development.
According to the daily chart of Digibyte, it is obvious that the digital currency is trading beneath all of its vital moving averages – 20-Day, 50-Day, and the 200-Day moving averages. Also, just like EOS, Digibyte also seems to be building-out a possible bear Flag formation and it also needs close attention with respect to its development in the coming days.
If in the coming days Digibyte can clear the 0.03 hurdle and sustain, such development would be positive if it materializes. On the other side, if the digital currency violates the 0.023 level, the value of the coin is likely to plunge further.
However, the two digital currencies are in a susceptible technical position at the moment and they need to be watched closely.