EOS Surged By 165% In The Past Two Weeks | What To Expect?

#

EOS.IO is an ambitious blockchain project that made its inception in early 2018. With Block.one as its parent company and the Cayman Islands as headquarters, EOS was considered one of the greatest success stories of the ICO era as Block.one raised over 4 billion US Dollars during its ICO that took place in the mid of 2017. In fact, this is considered the biggest Initial Coin Offering in the history of cryptocurrencies.

The fundamental purpose behind EOS formation is to offer a reliable and scalable platform for developers who intend to build dApps over the EOS blockchain. Sounds like Ethereum? Yes, there were strong talks during the initial days of EOS that it could take over Ethereum one day to offer a scalable blockchain platform for crypto start-ups. Ensuring a network that is much easier to use and build on has been the primary mission of EOS. The company offers a plethora of educational content to help developers build decentralised applications easily.

How Is EOS Blockchain Better Than The Others?

One significant advantage of the EOS blockchain is that it offers greater scalability than the other ones out there. To put things in perspective, the EOS network can currently handle over a thousand transactions a second while Bitcoin and Ethereum networks process 12 TPS and 26 TPS, respectively. The EOS blockchain also focuses on constantly improving the user experience by processing the transactions faster than most of the networks out there. Offering robust security to its retail consumers while not shying away from the compliance required for enterprises has been the USP of EOS blockchain.

EOS Price History & Current Price Trends

EOS is the native currency of the EOS.IO blockchain network. The current all-time high value for EOS was achieved in the mid of 2018 where one EOS was priced at around $22. Since then, the market has been in a downtrend until the breakout occurred a couple of weeks ago. As you can see in the below price chart, EOS is just 73% away from its previous ATH value with the recent surge.

As of May 2021, EOS is ranked as the 22^nd most valuable crypto with over $9.6 billion in market cap and $15.5 billion in daily trading volume. The circulating supply of this crypto is around 953 million, and the max supply is capped at ~1.1 billion EOS.

What Caused The Surge In EOS?

The value of EOS got surged by over 165% in the past couple of weeks. With this move, this token has broken its three-year downtrend. What could be the reason for this sudden spike in the price?

Experts believe the consolidation of Bitcoin and the domination of the altcoin market could be one of the primary reasons for this price surge. The altcoin season has already begun, and we have seen the billion-dollar market cap altcoins like Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Litecoin (LTC) etc., reaching newer heights every now and then.

Also, the recent announcement about the increase in EOS staking rewards could have contributed to this sudden price surge. The infrastructure updates to the network are also supporting the EOS bullish run. An example of this could be the ‘PowerUp Model’, using which users get to pay a one-time transaction fee for 24 hours as opposed to paying fees for every single transaction.

Through the #EOS community’s development, deployment, and adoption of the PowerUp Model, there is now a greater availability of system resources across the network. Learn how to power up your account today. https://t.co/j1uFJhtkO4

— block.one (@block_one_) May 3, 2021

EOS Technical Analysis

At the time of writing, the price of EOS was hovering around $10.809, which is a 100% rise from where its price was three days ago.

EOS/USDT | Daily Timeframe

We can see a visible upward trend on the daily EOS/USDT price chart. The price has jumped from the YTD low of $1.85 to a YTD high of $11.30. The support on the daily and weekly timeframes are at $9.029 and $6.536, respectively. The immediate round number resistance is at $14 and $16 but the overall higher time frame resistance is at its previous ATH value considering the bullish momentum on this pair. The 10-period moving average is well below the price action supporting the buyer strength in the market.

EOS/USDT | 4-hour Timeframe

On the 4-hour timeframe, a series of bullish candles can be seen closing one above the other. However, sellers did try to make a comeback but neither succeeded nor failed in doing so. The price could take support from its daily support level at $9.029 before making a brand new higher high. The nearest resistance is at $13.202, and the round number resistance is at $15. We can see the expansion of Bollinger Bands, indicating a spike in trading volume.

EOS Expert Price Predictions

Experts at PrimeXBT exchange believe that the bulls of EOS are after its current ATH, and they presented an optimistic forecast. According to that, the price of EOS could reach $30 shortly. The Economy Forecast Agency also optimistic about EOS future price movements. On their website, they stated that this token could reach $41 by the end of December 2021.

Thinking to take advantage of these EOS price movements? This is the right time to do so because the trend is always your friend. Buy EOS instantly on our list of most reliable crypto exchanges for the lowest possible price. Cheers.   

#