Fri. Aug 19th, 2022

The price of EOS currently stands around $4.28 and at this value, the total market cap of EOS is around $4.3 billion. EOS is a blockchain-based decentralized operating system that enables businesses to build blockchain applications in a way similar to web-based applications. Elimination of transaction fees and scalability are two major features of the software. Since many of the enterprises and companies and developers are looking for such a decentralized blockchain-based platform, the future looks bright but there’s still a level of uncertainty surrounding the project. One of the factors to consider before deciding whether or not to buy EOS tokens is the competition the EOS network will face from other similar projects. EOS faces a huge battle to dethrone Ethereum as the number-one platform for dapps and smart contracts, while it will also need to compete with a host of other projects with similar goals. In the chart below (a period from March 2019), I have marked important resistance and support levels which can help us to understand where the price could move. The current resistance levels are $5 and $6, $4 and $3.5 represent the current support levels.

https://www.investopedia.com/tech/what-is-eos/

It is very hard to predict where the price of EOS will go, but if the price jumps above $5 it would probably reach $6 in the short time period. If the price jumps above $6 we have an open way to $8. If the price drops below $4 support level that would be a “SELL” signal and the open way to $3.5. If the price weakens to $3 or even $2 that would be an excellent entry price for the long term investors. I would recommend everybody to be careful and to invest a small sum of money in EOS, the best time period for me is between 3-5 years, hold and wait. In the chart below we can see how did the price of EOS performs in the last 30 days. On this chart, I have marked a “trendline” and if the price drops below this trendline that will be a “SELL” signal.

https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/

Recommendation: According to estimates, EOS is one of the cryptocurrencies which you should definitely not ignore but in my opinion, this is still risky cryptocurrency. The positive thing is that lots of partners are already supporting this cryptocurrency and EOS is already connected with several big companies. It is very hard to explain the actual value of EOS and because of that, I would recommend everybody to be careful with investing in this cryptocurrency. EOS is one of the best performers on the cryptocurrency market in the last several weeks. The strong support level of this cryptocurrency stands around $4 but according to technical analysis, the downtrend is not over yet. If the price advances above $5, short-term traders can enter the position with the stop loss at $4.4 and take profit at $5.5 or above. If the price drops below $4 strong support that would be a strong “SELL” signal and the open way to $3.5.

https://trustedbrokerz.com/how-to-buy-eos/

 

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.