EOS / USD forecast overview
|EOS / USD forecast: H1 2021
Price: $ 10.11 – $ 12.59
Price drivers: Bullish Cryptocurrency Market, Symmetrical Triangle Breakout
|EOS / USD forecast: 1 year
Price: $ 18.59- $ 23
Price drivers: Increased adoption and usefulness, bullish cryptocurrency market, breakout of the ascending triangle
|EOS / USD forecast: 3 years
Price: $ 23- $ 16
Price drivers: New developments from EOS, Crypto Market Sentiment
EOS / USD is trading at the $ 6.4 level, showing a robust bullish move after falling from its all-time high of $ 23.02. Given the performance over the past six months, the pair is up + $ 3.9 and is up a massive 154.12%. At the same time, EOS added + $ 3.9 to rise 187.55% over the course of a year. Currently, the EOS / USD Live Price chart suggests it is trading at $ 6.4. The cryptocurrency market already exploded in 2017 and 2018, when the price of almost all assets hit an all-time high (ATH) after investor interest increased and new cryptos flooded the exchanges. The surge in investor interest brought Bitcoin’s value to over $ 20,000, and the price of XRP soared about 36,000%, while EOS also broke its record, reaching $ 23 after selling over $ 4 billion during its Initial Coin Offering (ICO). USD collected.
EOS is a third generation cryptocurrency like the other assets that hit the market during the crypto boom era. Brendan Blumer is an American entrepreneur, manager and investor. He is the CEO of Block. On the one hand, the technology company that produces the distributed ledger software EOS.IO. Just before the cryptocurrency gold rush, EOS entered the market and had great success in the first few months of its life. Being a third generation digital currency gave it an edge as the founders learned from the mistakes of previous generation cryptos like Bitcoin, Litecoin, and Ethereum. EOS shares the same blockchain as the world’s second largest cryptocurrency by market capitalization, Ethereum. However, ETH can only process 15 transactions per second, while EOS can process thousands of payments at the same time.
The advanced efficiency and scalability of EOS make investors more committed to this platform. EOS has a market capitalization of around USD 6.44 billion and will be in 22nd place in the list of cryptocurrencies by market capitalization as of April 6, 2021. Let’s look at the EOS Price Prediction for 2021 and the next five years to see if EOS is a good investment or not.
Recent EOS / USD price changes
|Period||Change ($)||Change (%)|
|6 months||+3.9||+ 154.12%|
|1 year||+3.9434||+ 187.55%|
EOS Live Chart
EOS / USD price prediction for the next 5 years
EOS is similar to Ethereum in that it is a decentralized blockchain platform that makes it easier to use decentralized apps (DApps) and smart contracts. EOS’s blockchain is also known as EOSIO, a platform for creating new DApps. DApps developers also receive block rewards as they build on the EOS blockchain (EOSIO). Lately, EOS has sparked a lot of heated discussions in the crypto market as it has rivaled the second largest cryptocurrency Ethereum in the world. EOS ‘record breaking ICO received a lot of media attention due to its functionality, as its EOSIO platform has a unique feature to exclude transaction fees. This means that unlike Ethereum, EOS has no transaction fees and can process thousands of transactions at the same time.
Due to its multi-billion dollar ICO, EOS was listed on most exchanges within days of its launch. In 2018, EOS / USD surged to its all-time high of $ 23 due to increased investor interest. However, prices did not stay there long and began to fall. Since then, EOS has been in a bearish trend, with the exception of February 2019 when prices rebounded from $ 2.2. That price hike lasted until June 2019 when it hit $ 9.89 and then reversed its trend on the negative side. Since then, prices have been consolidated through 2020. However, the beginning of 2021 also turned out to be beneficial for EOS and other cryptocurrencies. Since January 2021, EOS prices rose from their low of $ 2.3 to hit $ 6.7 in April.
The increasing acceptance of cryptocurrencies by large institutions and the increasing popularity of smart contracts, DApps and NFTs have brought crypto prices to an all-time high. Given the recent situation and the environment surrounding the crypto market, we can say that EOS has a bright future ahead of it. Let’s take a look at the factors that are likely to affect the price of EOS / USD in the near and long term, and how these factors will affect prices in the years to come.
Factors influencing EOS / USD
- Network development – The concept of EOS development made them popular from the start. The attention and support EOS received in such a short period of time was very impressive and it was all due to the functionality of its platform. The EOSIO blockchain can process thousands of transactions with no additional fees. It has also outperformed major credit cards such as the famous Visa in transaction processing. The massive scalability and the almost zero costs have fulfilled the promises made during the ICO. However, there is still room for improvement as the network is not fully developed. The upcoming developments in the EOS network will have a positive effect on prices in the years to come.
- Cryptocurrency market – Unlike any other market, prices in the cryptocurrency market are not subject to supply and demand as the supply side of the currency usually has a hard cap from its developers. Therefore, the offer does not play an essential role in determining the price of a cryptocurrency. However, demand is one of the most critical factors in pricing cryptos as the value lies in consumers’ perception of the currency. Recently, cryptocurrencies have become increasingly accepted, which of course has increased their value.
- Bitcoin is the largest cryptocurrency by market capitalization and plays a huge role in the cryptocurrency market. It is often viewed as the king of cryptocurrencies as it affects the prices of other cryptocurrencies. Since the industry boom in 2017, other currencies have tended to follow Bitcoin. According to cryptowatch.ch, the correlation coefficient of Bitcoin and EOS is 0.50, which means that every change in Bitcoin has about half the same impact on EOS prices. Bitcoin recently passed its all-time high (ATH) of $ 60,000 and since then the trend in Bitcoin has been optimistic due to its increasing popularity and acceptance. This spike in Bitcoin impacted other cryptocurrencies and EOS coins that followed BTC, rising from $ 2 to $ 6 in just four months. As cryptocurrencies have grown in popularity and adoption, the outlook for the crypto market has also improved, which is expected to drive EOS prices higher. However, the second largest cryptocurrency by market capitalization, Ethereum (ETH), faces stiff competition from EOS. The recent trend towards ETH is positive too, and this competition between the two coins poses a threat to EOS prices.
- Increased acceptance – EOS was developed with the vision of making blockchain technology available to everyone free of charge in order to improve usability. Current developments are also under way to increase adoption on a large scale. EOS has a special feature of scalability that makes it unique in that it can process thousands of transactions at the same time. EOS aims to process a million transactions in one second. If this goal can be achieved, the adoption of EOS would definitely increase. EOS is a suitable digital payment platform and it is also committed to promoting the use of blockchain technology through smart contracts and DApps. Recently, EOS ‘intelligent contract platform is said to be the first truly decentralized chain on the back of LiquidApps. This is achieved by integrating the DAD Bridge from LiquidApps to enable cross-chain liquidity transfer between Ethereum and EOS networks. This type of positive news tends to help EOS prices, and if it can be successfully achieved in the future, EOS prices will rise in the years to come.
Technical Analysis – EOS / USD heading for 38.2% correction
The EOS / USD pair has had a strong bullish bias since December 2020, rising from $ 1.7897 to $ 6.44. Technically, the pair is trading heavily bullish at $ 6.46, holding above the monthly EMA support levels of 20 and 50 periods of $ 60 and $ 100, respectively. The leading technical indicators, the MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index), show an uptrend in the currency pair.
In the monthly timeframe, the MACD and RSI stay in the buy zone and show a solid uptrend in price. EOS / USD is about to close three patterns for white soldiers that could extend buying trends to $ 7-10. As you can see on the monthly chart, the pair has completed 23.6% Fibonacci retracement at USD 7, and now it is likely that 38.2% Fibonacci retracement will have completed at USD 10. Violating this level can extend the buying trend up to the USD 12.68 level, which indicates a Fibo level of 50%.
EOS / USD – Monthly Time Frame – Fibonacci Retracement
In the monthly timeframe, EOS / USD forms three white soldiers likely to lead the pair to the USD 10 and even USD 12.68 levels. On the downside, EOS could find support at the $ 4.8 level and below that the next support is at $ 1.78.
EOS / USD – Weekly Timeframe – Upward Channel
The EOS / USD pair has entered the bullish zone at the $ 6.69 level on the weekly timeframe and has strong chances of a bearish correction below the $ 7.91 to $ 5.75 level. The exponential moving averages series also suggest a buying trend for the pair. These exponential moving averages are hovering around the $ 5.55 level, suggesting buying opportunities for the pair. The pair may find immediate support around the $ 5.75 and $ 4.10 areas and breaching these levels could lead to $ 3.45. The weekly RSI and MACD indicators support a buying trend. The pair broke the symmetrical triangle pattern on the weekly timeframe, indicating a strong likelihood of the uptrend continuing. Hence, breaching the immediate resistance area of the USD 7.9 level may lead the EOS / USD price to an initial target level of USD 10 and then to a level of USD 12.59. Good luck!