EOS was launched after a year-long initial coin offering that raised $4 billion for Block.one, the company behind the cryptocurrency project. Ever since then, users have been making EOS price predictions.
In this article, we’re looking at some predictions and thoughts experts have, while also looking at the charts to see if they have any potential EOS price predictions hidden in them. Before all of that, it’s important to first understand EOS.
EOS itself is the cryptocurrency that powers the EOS.IO blockchain protocol, which emulates a real computer that uses resources just like a personal device would, including hardware like GPU and RAM. The “computer’s” resources are distributed among all EOS holders.
EOS.IO as a platform allows users to operate smart contracts and decentralized applications through a “decentralized autonomous” model. Block.one, the company behind EOS.IO, claims it can process up to thousands of transactions per second, which would allow for the deployment of industrial-scale decentralized applications.
EOS’ network is maintained by 21 block producers (BPs) which acted in a way similar to that of miners on the Bitcoin network. They’re elected by EOS holders and are rewarded with tokens minted through inflation.
Price Performance and Network Usage
The total supply of EOS is of little over one billion. Shortly after launch the cryptocurrency’s price plummeted to little over $0.5. In January of 2018 its price started surging to an $18 high, before it would correct once again.
Later that year, in a bearish period affecting the cryptocurrency ecosystem, EOS would go on to hits all-time high of $23 per token. At the time its market cap got to over $15 billion, before it started plummeting.
CryptoCompare data shows the cryptocurrency then dropped throughout the rest of the year until it hit a $1.8 low in December of last year. Along with the rest of the cryptocurrency ecosystem EOS recovered as it’s currently trading at $4.2. Despite its recovery, in the last 12 months the cryptocurrency’s price is still down by about 45%.
As for the cryptocurrency network’s adoption, it appears to be growing steadily. Data from EOSPark shows over 3.1 billion transactions have been processed, and that there are now over 1.34 million accounts on the network.
Projects have already launched nearly 4,200 tokens on the cryptocurrency, which is currently ranked number six by total market capitalization in the cryptocurrency space.
What Experts Have to Say
CryptoGlobe reached out to various experts to see if they were willing to dish out any EOS price predictions. Mati Greenspan, a senior market analyst at eToro, revealed he believes EOS is an “incredibly exciting project and has one of the fastest growing networks in the crypto space.”
Greenspan added that developer activity on EOS is only second to that of Ethereum, and noted the big question “will be how the blockchain will hold up and if and when they see their first viral app.” When asked whether he was bullish or bearish, he stated:
I have EOS in my portfolio of course but not as much weight as I did at the start of the year.
Alex Krüger, a trader and economist popular in the crypto space, told us he is currently not looking at EOs as it has some fundamental issues to deal with. These include an apparent exploit that could “kill all dapp [decentralized application] transactions on the EOS mainnet with less than $1k of EOS.”
Scott Melker, a cryptocurrency trader working at Texas West Capital, pointed us towards an EOS-related analysis he covered in the microblogging platform Twitter, adding that it’s “hard to say anything positive” as it shows a “perfect retest and drop.”
Ouch. The volume profile exiting the pattern is WEAK, so some would argue that it is not valid. Find me an alt with good volume… This represents the entire price history on Binance. Interestingly, price came up for a clean retest of the neckline as resistance. pic.twitter.com/b3wanTorHM
— The Wolf Of All Streets (@scottmelker) August 5, 2019
Community EOS Price Predictions
Various EOS community members have also risked their own EOS price predictions. Steemit author OrdinaryRich has predicted EOS will finish 2019 at $70 per token, in a rather bullish outlook. His prediction would also see the market dominance of both Bitcoin and Ethereum drop by a total of 15%.
YouTuber MaxDapp has predicted in one of his videos EOS could hit $10 this year, which would mean the cryptocurrency currently undervalued and would see its market cap hit $10 billion. His EOS price prediction for 2020 was for it to hit $50 to $100, assuming the cryptocurrency ecosystem could be able to hit $1 trillion.
Another cryptocurrency YouTuber, Coin Talk Crypto, revealed he believes EOS can make a 66x increase over the next few years thanks to the innovation going on in the EOS ecosystem. Per his words, the cryptocurrency is one of his “top picks for this upcoming bull run.” His target for the cryptocurrency was of $119 per token.
Throughout the internet we were able to find various websites with their own EOS price predictions for both 2019, 2020, and more. Some of these have overly bullish predictions, predicting EOS will hit the $95 mark by July of next year. Others seem to be more down to Earth, eyeing a $22 target for next year, and a $7 to $9 target for this year.
We asked CryptoGlobe’s technical analyst to look into the charts and see if we can find an EOS price prediction using technical analysis. In it, we’ll concentrated on EOS/BTC to see if it can outperform the leading cryptocurrency in the future.
Starting off with the monthly chart, its basic features of show a very nasty month of June, followed by a much more forgiving July. This has been typical for altcoins, during Bitcoin’s recent runup during H1 of 2019 – altcoins have be thrashed during this period, generally.
June’s crushing bearish engulfing candle has given way to July’s much more forgiving and less bearish deceleration. A key support/resistance (S/R) zone has been breached here; but the diminished sell volume suggests that sellers are losing strength.
Moving to the weekly chart, we see signs of what could be a reversal after falling through this key support level. A candle, somewhere between a doji and hammer reversal, has marked a local bottom and a week of shallow growth.
But real strength suggesting a more sustained reversal is not yet apparent on this chart. Last week’s buy volume was less than the preceding week’s, and the histogram is trending up cautiously. We’ll have to go a bit deeper.
On the 3-day, we get some more positive signs – but not that many. We see price starting to chew through its first moving average target, the 9 exponential moving average (EMA). So far rejected, it may eventually retake this level.
Here we see a weak sell candle and not a lot of sell volume – good signs. Price is retreating out of heavily oversold areas, although no very strong bull divergences are visible. The histogram is arcing up nicely, though, and could soon cross back into positive territory.
All in all, we have the makings of bottom-forming on medium- to long-timeframes. But the situation is still pretty precarious: there could still be another leg down, perhaps to lay in a double bottom with a clear increase in strength. EOS still represents a dangerous buy, except for long term investors convinced of EOS’s fundamental strengths and averaging into positions.