EOS Could Lead the Way to Altseason

February 19, 2020   EOS

EOS is, without a doubt, one of the best performing cryptocurrencies and one of the most popular among traders. In 2019, it had put up 90% gains and has no intention of stopping this kind of performance in 2020, too.

Just in the last 7 days, EOS is up by 10% as its price continues to develop in an acceptably healthy way. Since market inclinations towards altcoins are getting stronger, perhaps now is the right time to think about adding EOS to a trading portfolio. The reason is that if the ongoing bull rally keeps getting stronger, this cryptocurrency will go higher in the rankings and push Litecoin, and perhaps even Bitcoin SV, once it’s hype-induced price pump runs its course, down and climb onto the 5th place on Coinmarketcap. If the altseason is really coming, then EOS could well be one of the alternative cryptocurrencies that will surprise both traders and holders over the course of this year.

A good January for EOS

It’s still Christmas for cryptocurrency trading as the market keeps pushing higher, raising hopes of the prolonged bull market, where it’s always easier to make money. Apart from die-hard Bitcoin maximalists, EOS could be of interest to any trader who prefers to trade either on a USDT or a BTC market. The recent trading volume of this coin is matching that of Ripple (XRP) and Bitcoin Cash (BCH), amounting to $3.5 billion on average.

EOS/BTC comparison chart

There is one interesting observation regarding the reviewed coin: judging from this comparison chart, the price movement of EOS is almost in total agreement with that of Bitcoin. The only difference being that EOS generated more significant price impulses than BTC, meaning that it provides more gains, percentage-wise, with every price swing. The figures support this notion because, in 30 days, EOS had outpaced Bitcoin by 30%, as well as it’s direct rival Ethereum - 14.5%. The gains against USD have been a whopping 69%.

But is this the ripe time to take profits and wait for a price dip, or should traders gather patience and wait for another price sprint that will take it a dash closer to the all-time high of $22,83, which is currently 88% away?

EOS hasn’t been so strong in months

The 8th cryptocurrency had been gearing up for an uptrend, which is unfolding before our eyes, since last November, when it began forming the head and shoulders pattern in the EOS/USDT pair on a 4-hour time frame. In mid-January, the pattern was confirmed by the breakout candle, which paved the way for the rally.

1-day EOS/USDT chart

The first stage of the rally ended in a good-looking bull flag, which was later broken out of in a decisive manner. The first lower high had been made at $3.34, and if the powerful upside impulse persists, the new one could emerge between $3.8 and $4. If EOS continues to respect the support line that coincides with an uptrend, it could test the $5 barrier in a matter of a week. EOS’s ultimate price goal for the next couple of weeks is $6 - $6,5, a feasible task, judging by how bullish is the sentiment on the current market.

Author: Alex Paulson for Crypto-Rating.com

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