(Updated November 30, 2019) — EOS is only beginning its journey. It is separated from other digital currencies, both in technical characteristics and the scale of its goals. This is one of the main reasons it managed to raise $4 billion during the ICO (Initial Coin Offering). The main objective of this platform is to become an enterprise-grade solution for the deployment of decentralized applications. The team behind the project have shown a very responsible approach to its technical documentation, appearance in the media, and overall presence in the crypto industry.
Experts’ Opinion On Why EOS Will Rise
EOS is the 7th largest digital currency in terms of market cap and it’s currently trading at $2.71 after a -3.5% change over the past 24 hours. The coin has become very popular due to its decentralized apps and smart contracts, which have proven to be better than Ethereum’s. Developers of the network state that it’s not affected by the scalability challenges that affect other public coins.
Let us take a look at why experts think that EOS’s price will rise.
According to Business Insider, the EOS platform will continue to evolve and will soon become the most preferred. The publications believe that the coin’s price will surpass $10 soon.
Additionally, a panel of 10 experts analyzed the performance of 13 leading cryptocurrencies to give their predictions. The panel was extremely bullish about EOS. On average, the panel expects the coin to reach a price close to $18.7, which represents an increase of 727% since January this year.
According to WalletInvestor, investors should consider EOS as a favorable investment option. The site believes that EOS’ price will reach $911 by 2023. They attributed this positive prediction to the recent developments in EOS platform and increased adoption in different industries. These are significant determinants of cryptocurrency’s success.
Investopedia also named EOS as one of the most promising digital currencies out of the many that exist today. The site mentioned that EOS offers more scalability compared to other cryptocurrencies and that it is revolutionary as it lacks a mining mechanism to produce coins. The platform also includes a system of complex rules to govern the EOS rewarding process, which makes it more decentralized.
Additionally, according to Coinbase, “EOS is a cryptocurrency designed to support large-scale decentralized applications. There are no fees to send or receive EOS.” The platform made this statement after adding support for the EOS cryptocurrency for its retail customers. This positive statement and development show that the coin has a bright future.
Technical Outlook on EOS Price
The analyst says a cloud twist appears to be forming ahead (from RED to GREEN)
Tenkan-Sen/Conversion line crossed above Kijun-Sen/Baseline (Blue line above Red line) or (Fast MA above Slow MA)
The price broke through Senkou/Leading Span B into the red cloud, has since retested Span B (GREEN cloud line) as support, and will look to cross the cloud for a breakout above Senkou/Leading Span A (RED cloud line).
Chikou/Lagging Span. Should break above price action and cloud once the breakout occurs, giving further bullish confirmation.
Price near the end of the bullish pattern
Volume slowly declining (Fewer trades as traders wait to see where the price goes upon pattern completion
Respected a clear resistance line until it broke through (simultaneously while price broke into cloud).
The line was retested for a support and held up
Outlined in RED is a hidden bullish divergence
It also looks as if RSI will be able to stay above 50, indicating a possible trend reversal.
The analyst believes since the price is bouncing off support along the ascending triangle as well as the Span B line within the cloud, taking along at the current price would be safe. A more conservative approach would be to wait until price breaks out above the cloud along with the Tenkan line over the Kijun Line. Also, waiting for the lagging span to break above price as well.
Targets could include a measured move of the triangle.
You could also wait for a cross of Tenkan (Blue) below Kijun (Red) after the breakout.
Also, you can set TP at next resistance after breakout or set Stop loss below 3000 sats for the first entry, or below most recent swing low for more conservative entry
The analyst notes that the price bounced from the strong uptrend line, which gives us a buy signal. If Bitcoin does not move downward, this market will be able to provide a good trade.
Entry Price: 2.730
Stop Level: 2.320
Profit Level: 3.550
If you trade without leverage, don’t risk more than 10-15%. In another way, the max risk must be no more than 2-3% of your capital. If the price drops below the stop level, we will have to search for a new trade opportunity.
Targets for the completed pattern is $4.7; The analyst indicates the take profit zones to manage the trade.
The trade is invalidated if price trade below $2.45.
Want to learn more about EOS? Read our Beginner’s Guide to EOS here, complete with a history of the project and fundamentals of how the coin provides value.
Interested in investing in EOS? You’ll want to start with our EOS price prediction article—including short-term and long-term outlooks. (Always do your own research and read the site disclaimer)).