EOS Leading the Charge in Chinese Cryptocurrency Project Rankings

Share Article

China’s Ministry of Industry has been releasing its rankings of cryptocurrency projects for quite some time, having released a total of 14 versions of the rankings. In the most recent version, EOS was on top of the list, followed by TRON and Ethereum.

Sponsored



Sponsored

The projects are ranked in three categories;

  • Basic Tech
  • Applicability
  • Creativity

Previously, it is likely that these lists have been ignored. However, with the recent endorsement of blockchain technology and cryptocurrencies by President Xi, these rankings might have an actual impact on the market.

Sponsored



Sponsored

Many investors are paying close attention to the news coming from China perceiving it as the future leader of the blockchain industry. This is also visible with the large funding done by local Chinese governments for blockchain-related projects.

Crypto trader Daniel Larimer (@bitemaster7) posted the full list of the project rankings in the tweet below:

EOS ranks first in the “Basic-Tech” category and second in “Creativity,” trailing only Ethereum.

Let’s take a look at the technical outlook and see if it affirms its leading position.

Short Summary: The technical outlook for EOS looks bullish, especially is it breaks out above the resistance outlined below.

EOS Double Bottom Suggests Increases

The EOS price has been decreasing since May 31, when it reached a high of $8.65.

It reached the $2.80 support area and created a double bottom, which is considered a bullish pattern.

Afterward, it moved above the peak between the bottoms then came back to validate it as support.

Both momentum indicators, the RSI and the MACD support further upward movement.

The double bottom was combined with a bullish divergence in both and the latter has moved into positive territory.

A breakout above the current descending resistance line would confirm this upward movement.

If not, it is possible that the price decreases to the support area and creates a triple bottom.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Related topics

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Free Cloud Mining Providers to Mine Bitcoin in 2021

Go

How To Mine Cryptocurrency: Beginner’s Guide

Let's Go