by M. Khalid Rafi ( Senior Financial Analyst at Profitlio Trading )
What is EOS?
The EOS coin went on sale (ICO) on 26th of June, 2017. EOS, in its white paper, is creating “a blockchain architecture that scales to millions of transactions per second, eliminate user fees, and allows for quick and easy deployment of decentralized applications.” EOS is a blockchain-based system which enables the development of commercial-scale decentralized applications, or d Apps on the EOS.IO platform.
Similar to Ripple, EOS.IO 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 every second leveraging the smart contracts. EOS has raised 4 billion dollars from its year-long ICO.
Market prediction for EOS price 2020
With the market being so volatile, predicting the price of the cryptocurrencies is really one of the most difficult tasks.
Let’s consider the publications and personalities, and their statement regarding the EOS price prediction, which will give us a fairer idea:
#1 Wallet Investor
According to Wallet Investor, investing in EOS will turn out to be a favorable venture for the investors, They believe that in 2023, it might reach $911.
#2 Trading Beasts
Trading Beasts is a regular cryptocurrency prediction site, which predicted that by 2020, EOS might touch the $10 mark.
What Can Really Happen?
If you look into the EOS price chart we can easily identify very realistic key peak levels in different price ranges that the price has approach in history. The following chart highlighted the peak levels.
While considering the growth of EOS we can see that Peak 1 has achieved in 60 Days which shows up 155% growth in Price or Value. And Peak 2 has achieved in 140 Days which shows up 310% growth in price or value.
Both these peaks has been supported by a very strong key support which is held at $2. Look into the following Chart attached below.
What exactly the Technical Analysis Shows?
Technically price is on a W structure or double bottoms formation. Which also supports price growth expectation as we predicted in the back testing or historical price consideration. Look into the Chart attached below
How long it may take to see a considerable growth in Price?
When we consider the growth rate EOS has a 2.5% average growth rate per day. In this perspective we can assume that Peak 3 or $12 price level can be achieved in 210 Days approx. Which is in next 7 Months. Which sounds By month January 2021. Anyway this is an assumption and a forecast done based with historical price action and technical analysis.