EOS Chart Analysis: May Coin Price Watch & Predictions a Month From Launch
The cryptocurrency market is very volatile and competitive, and unexpected growth has been experienced in several tokens. Lately, EOS is doing very well. Crypto-currency EOS by Saturday, April 28, stabilized around the price of $18.96, representing an increase of over 60.5% within the last nine days. On the daily chart, consolidation is visible after the previous wave of steady growth, the 4-hour chart indicates the preservation of the local impulse to correction.
Meanwhile, the dynamics observed earlier fully confirms the idea that EOS can, after a short pause, preserve and continue the development of the upward trend in the crypto market. In this case, one cannot exclude the development of a growth wave to over $20 in the nearest future.
Unlike many other competitors in its category, even after the unfortunate news of MyEtherWallet hacking after which almost all the crypto market got scrambled again, the EOS price still didn’t go down dramatically.
The performance of EOS in the market indicates that it has achieved high gains since the beginning of April. At the beginning of the month, the price of EOS was around $6, but the introduction of EOSIO dawn 3.0 version has contributed to the daily steady increase in its price.
The development of EOS in terms of blockchain technologies is similar in many respects to those already available on the market, but they are distinguished by the convenient possibility of creating decentralized applications which are considered to be a plus for privacy and security programs. In addition, the EOS platform allows for accelerated payments with a low commission, which will become even less over time.
The fundamental analysis for EOS is still positive. Now we know for sure that the launch of the main cryptocurrency network will take place on June 2 of this year. At the moment, EOS operates on the basis of the Ethereum network but is actively preparing for the transition. The transition to the main own network, as already mentioned, will positively affect the speed of transactions and other operations. In addition to speed, the commission fee for the transaction will also become lower. During the platform change, users will have to show activity and replace tokens in order to translate them into a new network. If this is not done before June 1, 2018, the coins will be frozen.
However, locally the forces of “bears” also can not be underestimated. The nearest support is at $ 13.30, and with its breakdown, the road to the key support level at $ 11.00 will open. The Stochastic Oscillator stays in the positive zone, but declines loses momentum and begins to form a signal for sales. The MACD indicator is held in the positive area, continues to grow and confirms the earlier signal to buy.
The price of EOS is expected to rise even further. It can easily be predicted that EOS has a potential of reaching double-digit dollar in quick succession of time. The EOS’s rise apparently can be compared to the increase in price that was experienced by Ethereum (ETH) before ICO boom that began mid-2017.
Recall, at a certain point in April before the record increase, the Ethereum price was around $50, but after mainstream media started reporting crypto, the price of ETH began to increase sharply and reached a value of approximately $730 at the end of the year.
The launch of EOSIO 1.0 will make EOS token to convert to a new platform. After this migration, EOS will become a coin. Past occurrence in the crypto market has shown that whenever many people await a coin migration, the token experiences considerable increase of price in the market.
Also, the ecosystem of EOS is gaining more support: OK Blockchain Capital, a venture-oriented company, is ready to invest $ 100 billion in EOS and development of projects that will be based on the blockade of cryptocurrency. For EOS, this is a very positive signal: the fund is part of the OK Group, which, in turn, is directly related to the OkCoin exchange. Two other popular crypto-currency exchanges, Binance and Bitfinex have already confirmed that they will also support the procedures for launching the main EOS network.