(Updated July 04, 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.
EOS Price Prediction TradingView Analysis Updated July 04, 2020
For the EOS digital asset in the EOS/USDT trading pair, the trader sees there is a leading diagonal where there was a 4th wave in terms of Elliot Waves that has overlapped with the first one from March 2020.
In addition to it, the fourth wave has a pivot at the 50% retracement. This is why he considers that in order for EOS to continue with a bullish momentum it will need a 5th wave that would move towards the 3.63.
If that happens, the analyst suggests that EOS could move towards a range between $3.90 and $4.05 in the coming weeks.
EOS analysts were looking for a downtrend that took place between the 5th and 10th of June and were the 4h candles operated in this channel almost perfectly. However, when Bitcoin (BTC) fell on June 11, the entire crypto market moved downwards, pushing EOS from $2.75 to $2.42 in just a few hours.
Now, EOS should enter into a longer trend channel where the digital currency could recover part of the price that is lost. The channel we are mentioning is the lower boundary of an upward channel that operated as support throughout this year and in several occasions.
For the EOS price prediction updated on May 25, we have three main targets proposed by the crypto analyst. As you can see in the chart the targets include $2.8, $3 and $3.25. Once these targets are reached, the main goal is to move the analyst says that users can move the stop to breakeven.
It is also worth pointing out that he mentioned that the stop loss should be placed at $2.3. This is going to protect you if the market behaves in an unexpected way during the coming days or even weeks.
According to the analyst Eos has been down trending for a while. We are currently in aand have found support at 3100 which is also a triple bottom. is very low indicating sellers are exhausted. are squeezing which looks like we are ready to make a move. If we breakout of the then he will be taking a long position. If support doesn’t hold here then perhaps a short position.
We can see Tron ( TRXBTC ) and Ripple (XRPUSD and XRPBTC ) printing a breakout, Cardano (ADABTC ) has been going up for the past two weeks.
Here we have EOS ( EOSBTC ) with prices still trading below resistance in the form of EMAs.
EOSBTC is trading below EMA10 and EMA50, which gives it potential.
Now, prices are trading within a and the chart looks similar to TRXBTC and XRPBTC before their breakout.
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)).