EOS Powerful Cup and Handle - Breakout Attempts at 130kSats! Target 200kSats
The chart for EOS is looking to be in the midst of some serious breakout attempts around 130kSats. Over the past few months, EOS has shown itself to be a very strong cryptocurrency. Like ETH, EOS is a "platform cryptocurrency" which offers several advantages over the ETH platform with regards to ease of application development.
EOS is Now Looking Particularly Strong
Last night, EOS made a powerful run up to test resistance at 130kSats. Trading actually managed to break above this level, signalling that it might be time to drive the price of the coin higher. The recent run up over the past days from the base of the handle pattern is very bullish, and it would not be surprising to have the coin testing 130kSats again shortly. It is my opinion that we can look for short term targets on the coin at 200kSats.
Given the momentum building around EOS, my intuition tells me that it would be unwise to short this coin. I think that the coin has considerable value as a long term hold. I believe that this current cup and handle conficuration may have the energy to launch this coin to 1000kSats within the midterm giving us a 100-200$ EOS token. Although this would require a large expansion in this coins market cap, I think it is conceivable considering the platform that EOS is constructing. Long term, 1000$ a coin could be a possibility as the total crypto market cap swells into the trillions (yes I know this may seem crazy to some but look back one year and compare to where we are today). Crypto is not a bubble - it is a technology which here to stay. EOS has a lot of room to grow, and it may be a contender for a top 5 crypto.
Cup and Handles in Cryptos
It should be stated that cup and handle patterns, specifically those with rounded bottoms represent bullish continuation patterns. As such, they require a previous uptrend to confirm their interpretation. However, in the case of many cryptos, the cup and handle pattern forms early in the crypto's life, such that we do not have a prior uptrend to confirm. However, if we take the total crypto market cap to be our uptrend, then cup and handle patterns in individual coins can be seen continuation patterns.
Confidence 4.0/5.0
@mxcrypt
Standard Legal Note
These solely my own ideas. This is by no means professional financial advice and I cannot be held accountable for any investment decisions undertaken by reading this article.
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