EOS is not your run of the mill cryptocurrency, it actually has some real-world applications for developing decentralized apps. However, in the fluctuating market that we are in right now, no crypto is safe from the machinations of the market makers.
Same goes for EOS, which experienced a very sudden jump and then a freeze throughout the day. There’s no clear explanation as to why the coin jumped from $6 to $6.6 within just 12 hours, but it’s clear that it has already corrected itself.
The price has rapidly formed new resistance levels and is actually battling it as we speak.
Due to the fact that the coin had a major jump within a single day, the most important price point right now is the middle. Meaning that the $6.3 mark is where bulls and bears are going to collide as a means to determine the coin’s future until Monday.
But, for the short-term, by Wednesday next week, the coin has to be in a strong position of at least $6.5 in order to survive the upcoming bear market.
The patterns we’ve been seeing these past 2 weeks is going to repeat itself once again, so as long as the $6.2 support level remains untouched, the coin should survive until next Friday.
In the long term, EOS is predicted to reach as high as $100 by the end of 2025. More and more companies are bound to see the massive potential of the coin, and will surely join in to using it more often.
Since EOS is dependant on the added trading volume for its price, the margin trading available on multiple exchanges and the added circulation from companies is guaranteed to drive it upwards without any major problems. It has already shown resilience against the major market drives for the past few weeks.