(Updated September 26, 2020) — 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 8th largest digital currency in terms of market cap and it’s currently trading at $4.49 after a 10% 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 CoinSwitch, 2020 will be a golden year for EOS. The coin is expected to reach $95 by July before declining slowly to the $56 level by the end of the year. Over the next five years, the platform expects the price of EOS to be around the $106 level.
TradingBeasts predicts that the price will grow from the $2 range to around $3.6. The following year the price is expected to continue to rise to the $4.2 level before ending the year at about $6.
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.
It is worth mentioning that EOS has also launched a new social media network called Voice. This had also a positive impact on the price of the cryptocurrency and it is expected to increase network activity.
EOS Price Prediction TradingView Analysis Updated September 26, 2020
EOS/USDT is not looking good according to the analyst. We see that EOS was not able to recover at all from the massive bull run that it experienced in 2018. In addition to it, after the March sell-off, EOS has been in a downtrend from which it can’t still go out. It will be very important for EOS to show if it has the possibility to move higher in the coming weeks.
The analyst is paying close attention to the fundamentals behind EOS in order to understand whether it has the potential to continue growing in the coming weeks and months.
The EOSUSDT trading pair could be ready to move higher in the coming months and weeks. The analyst shows that EOS could be moving towards 8 per coin in mid-2021. He has also stated that altcoins have rarely true independence because they are related and correlated to Bitcoin and how it behaves in the market.
Nonetheless, once a coin moons, then it keeps its own trajectory, which makes it difficult for it to follow BTC for a short period of time. EOS has broken a very important downtrend and it is sitting on the trendline. It will be important to see whether EOS could move towards 4 USDT by November.
EOS/USDT is currently in a cypher harmonic pattern in the 4h chart. The analyst sees that the target can be the 0.786 retracements of XC wave, close to the 3.7 USDT price per EOS. Furthermore, the trader considers that the price reaches the target it will be possible to open a short position with a target in 3.38 USDT per EOS.
The 3.38 region is going to be close to the 0.382 Fibonacci retracements of the CD wave that started on August 27 and that continues until today. We can wait a few more days before we see EOS surging above 3.50 USDT.
The EOS/USDT trading pair could provide users with a potential 60% profit to arrive at its previous all-time high. This is according to Crypto Tech Analysis that sees EOS being a good alternative to Ethereum (ETH).
The Decentralized Finance (DeFi) market has been creating some bottlenecks on the Ethereum network and EOS could start gaining traction as users decide to move their operations to a more efficient, faster and cheaper network.
The trader says that it is worth trying with a Long Signal on the daily chart using the Binance exchange for longing the EOS/USDT trading pair. It could register up to 60% gains to retest its all-time high.
One of the analysts for EOS is showing a very positive moment for the digital currency in its trading pair with the USDT. We can see that EOS has properly rebounded in July from its 200 MA on the 4h chart and continues to move higher.
EOS is currently entering a zone where it could face resistance considering it could be breaking out of a triangle that started many years ago. If that the case, we could see EOS moving higher and retesting the triangle once again to confirm its breakout At the moment, EOS is following a similar path as Litecoin (LTC), showing alts are being traded together.
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)).