EOS gains 16 percent in the course of the weekend, extended profits to come

EOS gains 16 percent in the course of the weekend, extended profits to come
Dec 10, 2018 by Rico Wise

The EOS to USD trading pair has gained over 16 percent within the weekend, with the rally coming as a continuation of a confident rebound from the 1.546 USD mark recorded on Friday. The combined price actions of Friday and the following weekend accounted for approximately 40 percent of gains for EOS, in the course of which the market capitalization recorded more than 400 million dollars of revenue.

There are no significant reasons for the current surge of EOS. The currency has successfully acquired a place among to-be0listed currencies at Coinbase cryptoexchange, although that list also includes 29 other digital currencies. Still, they did not manage to show any decisive price movement like EOS did. Ripple, for example, is also enlisted by Coinbase, but its daily corrected value performance, as per the data provided by CoinMarketCap, accounts for +0.16 percent at the time of writing.

Today, the trading rate for EOS to USD is looking at a correction. The trading pair set up a higher high in the course of its upside movement to the 2.192 USD mark, after which it experienced an abrupt pullback action. Still, the bearish jerk is pretty much in the range the tech indicators are setting up for the trading pair. Thus, there is a likelihood for a reversal action to take place, proceeding with its upside movement.

The trading pair is currently inside the short-term ascending channel, creating higher highs and lows. It has performed a reversal from its upper trend line, which occurred after the connection of the latest swing highs. Currently it is aiming at the lower trend line to the decline for a possible pullback. Everything looks bullish for the short-term so far and is also signifying chances for revenues for daily traders.