The cryptocurrency market was in a good mood on Tuesday as most major coins in top 100 turned green for the day. IOTA led the top 10 with a 28% gain, confirming that saucer bottom bullish reversal chart pattern I talked about on Sunday. Among top gainers was EOS, which also appears to have bottomed out at a critical support level versus the fiat and other crypto counterparts such as Bitcoin.
About EOS Savings Fund
One significant development around the fifth largest crypto by market cap is its “savings” account that’s aiming to reach nearly $200 million. Right now it’s got $35 million worth of tokens in it that no one can touch. And its balance is continuously growing. You see, when the developers created the EOS blockchain, the network hosted an account called eosio.saving.
The network has been saving the money to fund future initiatives that will benefit the EOS community. Think, building out new tech features, conducting security audits, sponsoring meetups, hiring lawyers and lobbyists. The problem now is that there is no system in place to actually allocate the funds. So, EOS is building a voting system to help with decision making. But mo’ money, mo’ problems and the EOS community is split on what to do with the funds.
EOS Bullish Price Action
Regardless os allocation problems, the trading crowd seems to be pleased about the savings account. It has pushed the token’s price value higher, turning EOS bullish. That being said, EOS/USD has just reached the neckline of a double bottom chart pattern on the daily chart. It has a long way to go before reaching the next resistance and a whole dark, bearish Ichimoku cloud, to cross over before reaching the 61% Fibonacci retracement level.
EOS Bullish Market Movement
The neckline is at $5.96 and the Double Bottom pattern will complete at $8.12 once confirmed.
