(Updated February 15, 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.
Technical Outlook on EOS Price
EOS looks strong against BTC.
It doesn’t look perfect, but it’s still worth keeping an eye on.
A possible trade will be made if the headline is broken.
Remember to set your stop losses and do your own research; this is just an informative post, not financial advice.
The analyst believes that EOS may go bullish.
He sees a half year accumulation, fixed above the level and 200MA.
He recommends considering for medium-term investments.
Here we have a bullish flag and EMA200 (brown) working as resistance.
We can see looking at a quick bounce to go lower and test EMA50 and EMA100, which hasn’t been tested. We are looking at a test of EMA10, which will lead to additional bullish action. Whatever happens, we already bought when the prices were low.
In the chart, the analyst offers two reasons why he is super bullish on EOS/BTC.
1) The EOS price has broken out above 40k satoshis on January 14, and the rally lasted until February 14. Since then, the price has returned and validated the breakout level. This is a very common movement that leads to another upward move in the majority of the cases.
Also, there is even more support given by the 200-day MA. The price has reached it twice and created long lower wicks each time – another bullish sign.
All of this is happening inside a crucial support area, so a breakout feels at hand.
The first & second targets are at 46,000 & 53,000 satoshis.
EOS invalidated temporary support after breaking down from 5200+ sats. A quick scan down to 200MA was eaten up by bulls, showing strength in the next bull run. The analyst expects a further rise from here and a breakout from the wedge. Look for T1 at 4350 sats, T2 at 4510 sats, T3 at 4840 sats, and lastly 5100 sats. T4 will peak off at a double top.
So, he recommends we move the stop loss up in this case due to possible chance we break through to new highs. A break of the 100MA at T1 is highly expected . Volume should jump back in as buyers eat up the sell walls on the way back to the daily resistance block.
The analyst says that he has opened a 3x long on EOS for a few reasons. First of all, it has tested the golden pocked from the entire move up. Adding to the confluence at that level is the support trendline from the low, the weekly 20MA, and the daily 100MA, and the daily 50MA, which are all in that golden pocket zone. Of course, this will follow Big Coin , but if Bitcoin’s correction is done at the 0.5 fib, the odds are good on this trade. Most importantly, it’s to be sure risk is managed properly.
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)).