Many crypto traders see a bottoming out as an event. They feel that a digital asset has bottomed out if it falls to the lowest price possible which is a line of thinking that has led many traders to lose out on digital tokens. Hence as opposed to fishing the bottom, they get falling knives. If you want to avoid such a situation, then a bottoming out should be seen as a process instead. And it takes time for a digital token to get a bottoming out. It appears that EOS is showing signs of bottoming out as we can see several bullish signals in EOS/USD pair.
How The Weekly Chart Show That EOS is Showing Signs of a Bottoming Out
For a bearish price shift to remain sustainable, it has to generate several lower highs and lows. However, EOS is on a steep decline. There are only little signs that a rally might happen. When this occurs, the run becomes unsustainable. The bear run in EOS price movement from January to March this year ended after the crypto market showed the fourth red candle. Now it looks as if EOS is going to print the fourth red candle which suggests that bears are tired and the possibility of EOS bottoming out is around the corner.
The Declining Wedge Comes Nearer to The Edge
Many virtual currencies are breaking out after recording their narrowest point, and it appears that EOS is following that pattern. According to the daily chart of the EOS/USD pair, this Q1 saw EOS break out of this trendline. Now it appears the duo is repeating a similar process. As EOS approaches the narrowest position of the declining wedge and with the bears’ tired means EOS is showing signs of a bottoming out.