China’s Ministry of Industry has released a series of rankings for cryptocurrency projects. In the latest version (14), EOS was ranked as the most promising project, based on its technology, creativity, and applicability.
Additionally, the new decentralized exchange launched by John McAfee, Mcafee Dex, announced that it will support EOS, NEO and BNB, as BeInCrypto has previously reported. He announced this in a recent interview, giving January 1 as the likely date for the launch.
As for the price, EOS/BTC seems to have begun an upward trend. On the other hand, EOS/USD has shown strong bullish signs but has yet to confirm that it has begun an upward move.
Crypto trader @ezbrah_ stated that the EOS price could be at the start of a major trend reversal.
— ezbrah 🦁 (@ezbrah_) November 5, 2019
However, the tweet states that it is still early for confirmation.
Let’s take a look at the price movement and see if we can come to a decision.
The EOS price has made a double bottom at $2.5. The double bottom is considered a bullish pattern.
This has been combined with a bullish divergence in both the RSI and the MACD, suggesting that the pattern has validity.
Also, the price is right at a descending resistance line that has been in place since July. A breakout above it would likely take the price towards the next resistance areas, at $4.5 and $6 respectively.
According to the technical indicators, this breakout is likely.
A look at the BTC pair shows that the price has just broken out from a symmetrical triangle.
It is heading towards the minor resistance area at 40,000 satoshis.
If it breaks out, the next resistance area is found at 47,500 satoshis.
Therefore, the conclusion from both the USD and BTC pairs is similar, meaning that both look primed for upward moves.
However, the breakout from the symmetrical triangle confirms this upward movement in EOS/BTC, while EOS/USD has yet to break out above its descending resistance line.
Meanwhile, we’re seeing a good amount of Chinese-based cryptocurrencies gain some ground since the country’s positive push towards blockchain:
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of TradingView, Twitter.
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