EOS price stabilized not far from February highs today on Thursday April 26, being currently traded at $14.39. On D1, one can notice the price consolidating after the previous uptrend, while H4 shows the local correction is still on, Dmitry Gourkovsky, Chief Analyst at RoboForex, says.
The overall outlook supports the idea that EOS may keep uptrending moving forward, with the target at $19.
However, locally, the bears are also strong. The nearest support is at $13.30, and once it’s broken out, the sellers may push the price further to reach another support at $11.00. Meanwhile, the Stochastic is in the positive area but is losing momentum and starts forming a sell signal, while the MACD is in the positives and keeps rising and issuing a buy signal.
Fundamentally, the news for EOS is mostly positive. As such, the new crypto network launch announced for June 2 is finally confirmed. Currently, EOS is still based on the Ethereum network, but is actively getting ready for migration, which will increase transaction speed and overall performance, while the fees and commissions will get lower. For users, however, this also means exchanging the tokens for the new ones supported by the new network. If a user fails to do that before June 1, 2018, their coins will get frozen.
Meanwhile, EOS ecosystem has already been supported by OK Blockchain Capital. The venture project fund is ready to incest $100B into EOS and any projects based on its blockchain. This is very good for EOS, as Blockchain Capital is a part of OK Group, which is very much related to OkCoin exchange.
Other popular crypto exchanges such as Binance and Bitfinex have also supported the new EOS network.
EOS blockchain projects are somewhat similar to the existing ones, but are different in terms of creating decentralized applications, which is great for privacy and security. Besides, EOS platform enables speedy transactions with low fees, which are going to get even lower going forward.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.