(Updated January 02, 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.
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 January 02, 2021
EOS has recently bounced after reaching the major support level that is close to 2.27 USDT per coin. The digital currency was able to sustain this level on the Christmas Eve and the analysts consider that the upward trend could continue in the near future.
Furthermore, he considers that EOS looks bullish and that there could be a good chance to long it if the virtual currency breaks above the resistance line that is close to 2.93 USDT. This would allow the virtual currency to move higher and eventually surge towards 3.40 USDT and re-test the level it reached in November of 3.83 USDT.
As per the analyst, EOS looks to trend sideways in the small rising channel can be seen in the market. This bounce we have seen in recent hours shows we are moving towards the resistance levels after testing support levels close to $3 per coin.
In addition to it, it might be possible for EOS to continue moving higher. The analyst says that if we break the support level, we could reach the last major trend support at around 3.35 USDT per EOS. If that gets broken, then we could continue moving higher in the coming weeks and months if the market continues growing.
For the EOS USDT trading pair, it was rejected from daily structure and the price seems it wants to try it once again. If the price has a breakout from the daily structure it may be possible for this region to become a support zone.
The levels the analyst is looking at includes 2.88 USDT as support 3.24 USDT as resistance and support, and finally the 3.88 USDT as resistance before moving higher. Of course, it will depend a lot on how Bitcoin and digital currencies behave in the coming weeks and months as Bitcoin stays close to $19,000.
EOS is forming a pattern or moving near a historical bottom that could be very positive for the digital asset. This means that we may see an increase in trading volume in the near future. Although there was a reversal candle, there is still no reaction from bulls.
The trader and analysts consider that it may be possible to have a chance to trade a breakout of this virtual currency but as soon as the correct signals come. At the moment, we need to beak an asymmetrical triangle. EOS could move towards 3.9673 in the coming months and weeks if it finally breaks out.
EOS/USDT in the midterm is going to move through different targets in the future. The analyst believes that it may be possible to get EOS moving towards 2.547715, 2.845675, 3.340575 and finally 4.20665. The entry prices are going to be 2.4745 and 2.23323625.
The analyst explained that the stop-loss is going to be 2.18813849 USDT. The signal R/R is going to be around 7% / 70% and a net Return on Investment (ROI) 30.5%. The signals provided by this analyst are going to be specifically for the Binance platform, one of the largest in 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)).