(Updated July 31, 2021) — EOS is only beginning its journey. EOS price 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. Forex broker in Australia are already offering forex and crypto trading.
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 July 31, 2021
As per this analyst, it might not be a bad idea to enter a long position on EOS. He explained that EOS has already popped out of the falling wedge consolidation pattern. This is, according to the expert, a continuation pattern of the trend. Moreover, if we move up and we break out of this continuation pattern, then EOS could hit 7.68 USDT or even 8.66 USDT. The other targets include 12.51 USDT and 28.60 USDT.
He explains that in the chart he has added a falling wedge pattern that brings the price to 12.51 USDT and a long-term trend that gets closer to the above-mentioned target of 28.60 USDT.
As per the analyst, EOS is currently creating a bear flag inside a descending channel as prices tested a weekly price resistance. The analyst believes that it might be possible for EOS to break downwards towards the 2 USDT price level from the current 3.63 USDT per coin.
This comes after a massive price surge to almost 15 USDT per coin earlier this year and with massive volume spikes. As the expert says, if the price falls below the current support level, then he thinks that traders could set a nice order.
Additionally, he stated that it is important to understand the monthly, the weekly and daily structures of the charts to get a better idea of what can happen in the near future.
For the EOS/USDT trading pair, the analyst shows that there could be more bearish moves in the near future. As he explains, EOS had already a HTF impulse to the downside and it is now in a correction phase.
He shows in the chart that EOS could break towards the 3.1175 USDT price level, close to the same price that it reached back in June when there was a market sell-off. The main question is whether the current trend would be able to continue in the future.
If the current support level at around 3.8 USDT breaks, then we could see EOS moving downwards in a very fast move.
As the analyst shows, EOS buyers were not able to build a strong wave of growth after the fall in the price of EOS in May. At the same time, trading volumes during the upward wave were also about the same as during the downward wave. However, the expert claims that they are not enough to say that the new wave of growth has started for EOS.
Nonetheless, there is also positive news about this virtual currency. The first thing that he mentions is that the current price drop seems to be sluggish rather than strong. Buyers were also able to find a good spot for defence close to $4.8 and $5 per coin.
The trader shows that there is a rising triangle forming in the EOS/USDT trading pair at current prices. Moreover, he shows that EOS is on a support line. As he suggests traders should take a partial profit in every resistance area.
As he shows, the stop loss level is currently at 2% below the support area or line. He follows the EMA 200 in the 4-hours period in the charts in order to open long or short positions and to understand which is the general direction of the market.
However, it is also important to understand that the virtual currency follows the general trend of the market.
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)).