Recently, EOS price rallied and settled above $6.00 against the US Dollar. The coin has continued with its significant upsurge after gaining 33% in the last week alone, thus outperforming other cryptocurrencies. Further, price forecasts place the coin’s price at $11 by the end of 2018.
EOS price is placed nicely after a significant uptrend above $6.00. There was a break below a connecting bullish trend line with support at $6.40 on the 2-hour chart of the EOS/USD pair. With a market capitalization of $6,193,486,293 and about 896,149,492 EOS coins circulating currently, the 24-hour price movement indicates that buyers are ready to support the bullish momentum.
According to the daily chart, EOS price managed to above $6.50 resistance and traded close to the $7.00 level. A high was formed at $6.82 before the coin’s price started a downtrend. Additionally, the price moved below the 23.6% Fib retracement level of the last wave from the $5.72 low to $6.82 high. However, despite this brief dip, the coin has continued to outperform other digital currencies after gaining 33% in the last week alone.
These tremendous gains can be attributed to the positive news surrounding the coin. For instance, just recently at the Blockchain World Conference at San Jose, California, EOS platform was declared the best in 2018. This followed a few weeks after Chinese CCID named it the best blockchain platform of the month for the fourth consecutive month.
Moreover, the EOS.IO platform is able to compute millions of transactions per second, which is in total contrast to Ethereum’s 20 TPS and Bitcoin’s 3-4. The block one platform allows 50,000 transactions per second leveraging the smart contracts. Further, the coin has managed to raise 4 billion dollars from its year-long ICO.
Based on your assessment of the recent developments regarding the EOS platform, do you think its price will manage $11 by the end of 2018?
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