August was nothing but a wild rollercoaster ride for cryptocurrencies. The selloff at the beginning of the month was one, unpredictable (that is how crypto prices are anyway) and two, overarching because the digital assets trimmed the gains accrued in three months to trade the levels in April 2018. In the same month of August, there was a rebound that saw the majority of coins and altcoins consolidate the losses and start to climb.
The bullish trend is still present at the time of writing and is likely to continue into September. Significantly, this is the best time to enter and buy some coins as the market rebounds. This article will dive into two coins that show strong technical abilities to correct higher.
EOS is one of the largest cryptocurrency projects in the industry and boasts of having the most robust blockchains in the world. It is a decentralized infrastructure that is not only powerful but also capable of handling other decentralized applications (dApps). EOS has had an eventful 2018; for instance EOSIO, the blockchain protocol for the network was launched in June this year. The year-long Initial Coin Offering (ICO) came to a halt in the same month of June after raising a record-breaking $4 billion.
EOS network offers one of the highest scalability levels in the blockchain industry while supporting thousands of commercial-scale dApps and inter-blockchain communication. In addition to that, the protocol is able to separate authentication from execution. EOS is currently able to support 3,000 transactions per second (TPS) but this can be scaled even higher.
Token Price Overview
EOS is currently trading at $6.17 after a decent recovery from the August low of $4.13. The digital asset has been surrounded by positive news due to the upcoming EOS referendum. Traders’ sentiments have changed positively and a retracement above $7.0 is expected in the near-term. EOS is the 5th largest crypto in the market with a cap of $5.6 billion while its trading volume currently stands at $822 million.
IOTA is a platform that combines the Internet of Things (IoT) and the blockchain technology to bring forth a permissionless ecosystem. It seeks to constantly redefine trust, value and ownership in the world economy. The IOTA Foundation has a vision to connect all devices via verified truth and transactions that are in real-time. The website states that data is only as valuable as it is valid and IOTA ensures the truth is protected by cryptographically encrypting it. The platform was developed to provide zero fees transactions ensuring real-time data transfer among billions of devices and in turn eliminating the failures associated with centralized points.
Token Price Overview
IOTA was not spared by the bearish pressure that swept across the market in the August. The overarching declines saw it test the primary support at $0.40. However, the bulls have taken over and an awesome recovery is underway. IOTA is trading at $0.70, although it brushed shoulders with $0.80 mid this week. The buyers have eyes on $1.0 in the medium-term but first, the resistance at $0.80 must be cleared.
IOTA is the 10th largest digital asset with a market cap of $1.9 billion. Its trading volume is $65 million at the time of writing. The network has a maximum coin supply of 2,779,530,230 and all of coins are currently in circulation.