EOS has apparently lagged behind compared to other altcoins that are having success in 2021. The EOS token price gained about 100% at the beginning of May 2021 after Block.one, secured $10bn funding for the launch of a new subsidiary, Bullish Global. However, after its price started slowly trending, it fell down hard and currently is below the $4 mark. At the time of writing, EOS is trading around $3.8.
Let’s find out more about EOS, its offering, explore EOS developments, price predictions and determine whether it deserves a place in your investment portfolio.
Founded by software programmer Daniel Larimer and entrepreneur Brendan Blumer, who still hold the roles of CTO and CEO, the company began to work on the project in 2017.
In June 2018, the EOS officially went live after a year-long Initial Coin Offering (ICO). The ICO raised more than $4 billion, despite the prohibition to participate from U.S. investors.
To this day, the ICO is one of the largest token sales, while the EOS blockchain continues to be one of the largest cryptocurrencies by market capitalization and trading volume.
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EOS uses its own proof of stake EOSIO blockchain that processes transactions quickly, scalable, and secure way. The EOSIO 2.2.0-rc1 includes three new features: Read-only Queries, Private Chain Access, and Resource Payer.
Initially, EOS used ERC-20 tokens to distribute the coins raised in the ICO, which helped ease the ICO process as the ERC-20 token was frequently used to raise an ICO.
Later, all of the ERC-20 tokens were converted to native EOISO blockchain tokens, allowing token holders to finally transact and operate on the network.
Block producers on the EOS network are chosen in a delegated-proof-of-stake mechanism (DPoS), which requires EOS token holders to lock in their coins for more than three days.
The DPoS mechanism allows for a lower entry threshold, which results in more decentralization, less power used, and more scalability for the network.
Recently, Google announced that it has partnered with Block.one, to become a block producer for the network. It is one of the largest partnerships in the cryptocurrency ecosystem to date and will likely further increase EOS’s popularity.
Another great partnership for EOS and its developer, Block, was recently made with investor LACChain, an Inter-American Development Bank initiative to promote blockchain use and crypto market development across Latin America and the Caribbean.
A similar partnership was made in Asia in 2018, as a $200 million joint venture fund – EOS Global was created together with local blockchain technology entrepreneurs Michael Cao and Winnie Liu.
Recently, Wyoming became the first country in the entire world to give official status to an EOS-based DAO or decentralized autonomous organization. The DAO named American CryptoFED features two tokens, Ducat, and Locke, with a cap of 10 trillion tokens.
EOS value is affected by the same principles that determine the price of every cryptocurrency. It is the total circulating supply and the market demand.
As of right now, the EOS circulating supply is 959,298,739 EOS tokens with a cap of 1,035,299,151 EOS tokens. EOS’s total market capitalization totals $3,701,685,348.43, with a 24-hour trading volume at $1,299,415,375.92.
The demand for the digital currency will likely further increase as the overall EOS mainnet and surrounding ecosystem develops further.
EOS has spent most of the past two years trading above $2 support, after the previous all-time high of $22.89 was completely retraced in 2018. Since then, EOS has started to recover as the major resistance around the $5 mark has been tested.
In the 2020-2021 bull run, the EOS price rise led to a value of $14.37. Its 2018 high remains untouched. Although since the onset of the bearish market, the price of the coin has come down significantly as it is trading at $3.8 right now.
As visible from the above 4-hour chart analysis, the price of the coin is trading below the 50-day moving average and the 100-day moving average. Looking at the RSI, we can see that the selling pressure is high. We can say that lower prices are possible.
This week, the EOS price started with a price of $4.2 on September 21st. On the same day, the prices fell by over 7.5% as EOS closed the daily candle at $3.8. Although, on 22nd September, the price of the coin surged by over 10.6% as the daily candle closed at $4.3. Despite this bullish day, the bulls were unable to keep up the pace, falling by over 7.9% on 24th September. On 27th, the price of the coin dropped by another 3.5% and closed the candle at the current price of $3.8. It seems that we might see a further downside.
Wallet Investor is very bearish for EOS over the upcoming years. They estimate that EOS will continue towards the month of July 2022 at a price of $5.1.
Wallet Investor says that within five years, it will trade at around USD 9.750.
According to PrevisioniBitcoin, EOS might finish the year at $9.96. A year from now, the price analysis of the blockchain protocol puts it at $10.73.
Digitalcoin has a conservative but bullish EOS prediction for the upcoming years. By the end of this year, they estimate EOS will be worth $5.61, with consistent growth over the following years. By 2028, EOS is predicted to reach $17.21.
Source: Digital coin
EOS price prediction 2022 states a price of 6.73 USD while EOS price prediction 2024 puts it at 9.06 USD. This makes EOS a good long-term investment according to market predictions.
For the past years, EOS has traded in a relatively large range of $2-$4 after most of the gains seen in the previous bull cycle were retraced.
Right now, EOS had moved above the $4 resistance and trades just below $5, which, as mentioned before, served as a strong reversal point for the market.
Once we see EOS break the $5 mark, the next major price target is located around $8, meaning that we could see EOS almost double in the upcoming months.
Next, EOS would be ready for a retest of the all-time high at the $23 mark.
When looking at the price action for the past years, we can set a positive EOS forecast price. In the middle of February, EOS/USD saw a rapid movement of over 100 percent from the low around $2.4 to the high at $5.6.
After a brief rejection and a move below $5, EOS/USD did attempt to move higher again.
If BTC were to fall apart, we could say that the entire industry will see another fall in the EOS price targets. But it can also be confirmed that if such a situation arises, the price targets will rise quicker in the coming months. EOS started the year with bullish momentum. Still, right now, it’s recovering from a bearish scenario.
As visible from the above 4-hour chart analysis, the price of the coin is trading above the 50-day moving average and the 100-day moving average. Looking at the RSI, we can see that the buying pressure is high. We can say that higher prices are possible.
The minimum price that we expect EOS to reach by the end of 2021 is the previous all-time high of $23. Considering that the coin currently trades at $5.1, it would only take EOS/USD price to increase by less than 5 times.
Considering the previous EOS price history, when EOS moved from a low of $1.5 to a high of $23, meaning a price increase multiple of just over 15 times, we could see similar gains for the current bull cycle. Considering the current low of $2 as the basis price would mean that EOS will reach at least $30 by the end of 2021.
From there on, further EOS market price increase will depend on the overall cryptocurrency market momentum. According to various educational resources, if Bitcoin and major altcoins keep increasing in price, we are likely to see EOS reach further highs in 2022.
Several EOS price predictions have been recently made. They range from very bearish to extremely bullish. Therefore, it is hard to estimate the average EOS price forecast for the upcoming years, and we have to look more in detail. Below we can see some of the best-known EOS price predictions using technical analysis.
Wallet Investor is very bearish for EOS over the upcoming years. They estimate that EOS will continue towards the month of July 2022 at a price of $5.6.
Wallet Investor says that within five years, it will trade at around USD 9.91.
According to PrevisioniBitcoin, EOS might finish the year at $13.37. A year from now, the price analysis of the blockchain protocol puts it at $17.47.
Digitalcoin has a conservative but bullish EOS prediction for the upcoming years. By the end of this year, they estimate EOS will be worth $7.53, with consistent growth over the following years. By 2028, EOS is predicted to reach $23.07.
When looking at technical analysis and price history for EOS along with the EOS predictions, it has been consolidating for most of 2019 and 2020 above the $2 mark after a strong bearish trend was stopped during the second half of 2019.
Therefore, we can see a bullish price structure forming when looking at EOS price action over the past years. EOS will likely continue moving much higher this year as it looks to finally break the previous all-time high of $23.
Additionally, EOS has announced a partnership with Google Cloud services to help the network with block production. Therefore, EOS coin price prediction is very bullish for 2021. If the current momentum continues, we should see EOS reach the all-time high of $23 by the end of 2021, meaning a very good potential investment decision.
EOS developer Block.one continues developing the blockchain and has recently announced a partnership with Google cloud to sustain its network. If we see more partnerships like this, EOS should continue growing over the upcoming years, not only in terms of price but only in popularity.
The blockchain itself provides fast and scalable processing. With the development and overall popularity of Smart contracts and Decentralized Applications (DApps), EOS should grow further as one of the leaders in the ecosystem.
EOS is one of the best-known cryptocurrencies for the past years. The year-long Initial Coin Offering attracted $4 billion of capital by the middle of 2018, making it one of the largest and best-known ICOs to date. Since then, Block.one and the surrounding community continues to develop EOS as one of the best-Delegated proof of stake blockchains, with fast speeds and good scalability.
Considering EOS’s price performance over the past years and the bullish momentum over the first months of 2021, we expect EOS to reach a new all-time high by the end of 2021. Currently, EOS trades around $3.8, meaning that we could see a price multiple of at least six times.
From there, much depends on how the overall cryptocurrency market performs. However, according to many estimates, EOS should reach the $100 mark by 2025.
EOS currently trades above $5, with an all-time high of $23. Therefore, to reach $1,000, the EOS price would have to increase by more than 200 times. This would mean that the total market cap of EOS reaches over $800 billion.
During the previous bull run in 2018, the EOS price moved from $0.5 to $23, meaning a price increase multiple of 46. Therefore, EOS would likely need at least two more cycles to reach the price prediction of $1,000, and we expect this to happen by 2025. However, making an EOS price forecast for such a large increase is a mild estimate, and don’t consider it precise investment advice.
According to various estimates, EOS could be worth more than $100 by 2025. The latest prices for EOS indicate that the market has regained its bullish momentum over the first months of 2021. If the current bullish momentum is sustained, we should see a new all-time high for EOS by the end of 2021. From there, much depends on what the overall altcoin market momentum will look like.
Block.one is a private company registered in Cayman Islands that develops the EOSIO platform that runs EOS tokens. Established in 2017 by Brendan Blumer, the CEO, and Daniel Larimer (CTO), it will be one of the largest companies in the cryptocurrency ecosystem.
Since EOS is one of the best-known cryptocurrencies today, trading of the coin is available on most of the largest crypto exchanges such as Coinbase, Binance, and Huobi. On smaller exchanges or ones that are more strictly regulated, EOS might not be available.
As with popular cryptocurrencies, EOS can be stored on popular hardware wallets such as Ledger Nano S and Trezor. Several options are also available for software/desktop wallets, such as Jaxx, Exodus, Atomic wallet, and Infinito.
EOS uses Delegated Proof of Stake (DPoS) consensus mechanism, which requires no mining. Therefore, if you want to help maintain the blockchain, you have to stake your EOS tokens. From there, you select the network validators by using your staked coin votes and get rewarded in proportion to your staked coins.
This post was last modified on September 28, 2021 6:02 pm
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