EOS News – Can EOS continue its rally?

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In the past 24 hours, EOS has surged by 9.43%. However, on a month on month basis, it is still trading lower. This is the reason why traders are trying to figure out whether the rally can continue or not.

Can EOS continue its rally?

You have to first and foremost look at the reasons for the rally of EOS. This is due to the title which it has got from China public blockchain technology assessment index. It has ranked the blockchain of EOS at the top of its list. This clearly indicates that China thinks that the EOS blockchain holds a lot of potential. The second-ranked cryptocurrency is Ethereum (ETH). The score which EOS has got is around 156 points. Similarly, Ethereum (ETH) has got a score of 136.

Ever since this news came out, EOS has been consistently rallying. The most worrying factor about this list is that Bitcoin (BTC) is ranked at the 18th place. It has a score of just 96. Thus, Bitcoin (BTC) does not have a lot of clout on that list.

Up until now, this blockchain list does not have a significant impact usage of the cryptocurrencies. That is why it remains to be seen whether this will have a long-term impact on EOS or not. When you look at the current resistances and supports, you will realize that there are quite a few of them. The resistance is around $ 3.32. Currently, EOS is trading around $ 3.06. Thus, the next resistance is less than 10% away.

Similarly, when you look at the support levels, strong support is around $ 2.58. Thus, on the lower side, it can go to $ 2.58 as well. This is the reason why you have to look at the price movement of EOS before taking a call. From the bottom, it has rallied over 38%. Considering the fact that it has fallen significantly in the past couple of months, it is still not in the green when you look at the performance of EOS in last 60 days.

While this might be a short-term trigger but it is important to note that only when the controversy surrounding EOS can be sorted, it will be easier for EOS to rise even more. On the other hand, Ethereum (ETH) has also rallied from $ 85 all the way to around $ 120. Thus, it seems like most of the cryptocurrencies are recovering especially the ones which have strong underlying applications.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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