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EOS Daily Technical Analysis: Can These Developments Fuel EOS Price?

Price trend of EOS

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The EOS cryptocurrency established a price high of $5.55 in the recent bull run. But after succumbing to bearish pressures, the coin appears to be once again picking up bullish momentum. In the daily timeframe, the coin dropped to a 24-hour low of $3.50 while the 24-hour high was at $4.00. 

The market sentiment for the cryptocurrency is bullish with a majority of the technical indicators giving out a buy signal. Eight of the oscillators are neutral while two stands at buy and one stand at sell. Ten of the Moving Averages are giving out a buy signal with only four sell indications and one neutral indication.

Daily Technical Analysis

Trader ReadCrypto is optimistic on the cryptocurrency and expects it to reach higher towards the second trend line identified by the trader. However, the trader also warns of a period of increased volatility of EOS in the coming days. The price action of the coin in the period starting 10th of March will be crucial as any deviations from major price levels can result in major losses or profits. Per the trader, a price closing of below $3.32 can be telling of bearish future trends. On the other hand, EOS needs to close above $4.08 and gain support to stabilize on the second trend line.

The Relative Strength Index is indicative of bullish trends even though the trading volume of the cryptocurrency appears to be decreasing.

Major developments to watch out for

EOS on Ethereum blockchain

A startup by the name of pNetworks has launched a new token on the Ethereum platform that is pegged to EOS. The token, p EOS, will facilitate the flow of EOS assets to the Ethereum network. The smart contracts platform can possibly lead to an increase in the adoption of EOS as EOS can now be used on the decentralized apps of the Ethereum network. The world is definitely moving towards digitization and decentralized finance and apps are said to be the future. This integration can help EOS drive its value up.

Partnership with LACChain

The organization behind EOS, Block.one, has been very active in the field. Block.one has secured a strategic partnership with LACChain – an initiative of the Inter American Development Bank. Together with LACChain, EOS aims to increase the utilization of the blockchain technology in Latin America. Block.one was able to raise a whopping sum of $4 billion to fund the project which entails the creation of a software of EOS.

What is EOS?

With the Initial Coin Offering being one of the most successful ones, EOS has garnered quite a bit of popularity in the cryptocurrency world. The goal of the network is to be able to process a phenomenal amount of transactions in a mere second. The decentralized blockchain – like Ethereum – offers smart contracts for decentralized Apps. EOS aims to become “the Ethereum” of the market but with scalability that even the queen of the market cannot offer.

The EOS model also offers a better alternative to the GAS token of Ethereum as instead of piling transaction costs, users earn a stake in the network which makes the network free. The coin has a good potential to reach higher price targets; however, the cryptocurrency market is highly volatile and nothing is ever certain.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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