This Surging Cryptocurrency Spiked 200% in 2019, Could Amazingly Double Before 2020
By CCN: The EOS fireworks are just getting started. The commonly touted fundamental factors are June’s Block.one event in Washington and the purchase of 3.3 million tokens worth of RAM described as pushing the price up. There are also rumors that a game-changing announcement will be made in June. These developments have certainly helped the cause of this cryptocurrency but these are not the major catalysts driving the price up.
Over the last few weeks, the smart money has shown its hands as EOS continues to move with strong bullish momentum. In this article, there’s a case to be made why EOS is likely to double in value before the year ends. The cryptocurrency is already up 205% so far in 2019.
EOS Made an Unmistakable Technical Reversal on the Longer Timeframe
If you’re a hodler of the cryptocurrency, now is the time to start celebrating. EOS suffered through a long and brutal bear winter that began in April 2018 and effectively ended this month. Yes, the downtrend that lasted for one year and one month appears to finally be over.
Undeniable inverse head-and-shoulders reversal breakout on the weekly chart | Source: TradingView
In the chart above, you will see how EOS breached resistance of $6.00. This triggered the breakout from a large inverse head-and-shoulders pattern. As you can see, EOS painted this structure for nine months. That’s a lot of time build a base in cryptocurrency trading.
In addition, the technical reversal looks valid considering that EOS is now trading above $8.00. That’s a growth of over 33 percent since the breakout.
Buy This Cryptocurrency on Dips
With the technical reversal, EOS in is now a buy on dips candidate. We wouldn’t suggest buying the current breakout rally. The cryptocurrency is showing signs of bullish exhaustion on the shorter timeframe.
