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EOS (EOS) Leading the Altcoin Rally to New Highs
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EOS (EOS) Leading the Altcoin Rally to New Highs

EOS (EOS) is currently leading the altcoin rally with an unprecedented zeal and excitement. The price rose all the way from $4 even to surpass its previous high of $18.8, to the surprise of many. It made a new high around $23.5 before correcting. Currently, the price trades around $17. What interests most about EOS (EOS) is the fact that it is perhaps the only coin that has not only fully recovered from the recent correction but also made a new high! The price action looks extremely bullish on the EOS/BTC chart and eyes further gains with room for a short term correction. EOS (EOS) just recently introduced EOSIO Dawn 4.0 which was the big catalyst in pushing its price past the previous all time high. Institutional interest in EOS (EOS) is also on the rise as a more efficient and scalable Ethereum (ETH) competitor. Their team is also one of the most active on social media and frequently updates their Twitter account. They have also gained some following on Facebook recently. EOS (EOS) is one of those coins that went into coma after its ICO. It was completely on the sidelines and hence ignored by many analysts and investors. There was a lot of hype around its ICO though and those who participated in the ICO and sold last week would have made a killing. With Ethereum (ETH) in trouble over its possible status as a “non compliant security”, coins like EOS (EOS) and Ethereum Classic (ETC) have made impressive gains even while Bitcoin (BTC) was in the red. EOS (EOS) particularly has a lot going on at the technical side currently and it would not be surprising to see Ethereum (ETH) style gains on EOS (EOS) during 2018. If Bitcoin rises and stays above $10,000, this would give altcoin investors a lot of confidence. One thing we have seen in 2018 is an astronomcal increase in the number of altcoin trades which has also led to a decrease in Bitcoin dominance. Most such investors believe that altcoins have a lot more potential for higher gains compared to Bitcoin (BTC). As such, they only look up to Bitcoin for the general direction of the market. When things look stable for Bitcoin (BTC), money flows into Bitcoin at much faster pace. The same is also true of money going out of altcoins as soon as things start to look bad for Bitcoin. The recent altcoin rally, led by EOS (EOS) shows that many cryptocurrencies are due for a bull run against Bitcoin. It usually happens around May-June during which time most altcoins reach new highs.  The current scenario points to a pending rally for most altcoins to rise to new highs just like EOS (EOS). Some coins like TRON (TRX) and Stellar (XLM) are already half way there. Normally, this would be happening at a comparatively slower pace but this year also coincides with a major bullish scenario for Bitcoin (BTC) projecting its price at $100,000 and higher. The pace of this year’s altcoin rally also indicates that a 2013 style scenario is very much possible which should yield 10x+ returns on most altcoins.

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Fakhan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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