The crypto market is tumbling again. In the last seven days, the BTC price is decreased by almost 11.8%. Yet, the EOS price is displaying good performance. In the last seven days, the price has increased by almost +17%. This article is all about EOS price prediction and why EOS is flying high. Let’s take a look at it in more detail.
What is EOS?
EOS is a delegated Proof of Stake blockchain (dPoS) that began in mid-2018. The project backs smart contracts and can manage a high amount of transactions per second (TPS). This is executed by having a finite amount of nodes (21), that offer the new blocks. EOS has had the most extensive ICO to date, bringing in over $4 Billion.
EOSIO is a protocol established on the delegated Proof of Stake consensus mechanism that backs smart contracts. The number of block producers is settled at 21. There are various networks created on top of the EOSIO protocol.
EOS utilizes a resource model. Anyone who wants to utilize EOS purchases a stake in the network resources. Users can then utilize it however they want. The resources are described as a liquid in the form of the EOS tokens themselves. If you want to transform EOS into resources you have to lock them away (stake). If you want to liquidate (unstake) the resources again, you have to wait for 3 days. The nodes are paid up to rank 89 via annual inflation of 1%.
EOS Price Prediction: RSI Giving Strong Favorable Signals
EOS/USD Daily chart – GoCharting
At the time of writing this, the EOS price is sitting at $1.53. The EOS coin is flying high for the last few days, registering a 14-week gain at $1.83. The bears became assertive about the 200-day moving average on the daily price scale. The market cap of EOS is green at 6.3% which is registered at USD 1.3 billion. While the crypto market is in a remedial stage, EOS is displaying rather a bullish feeling. Due to multiple buying stakes, the EOS coin touched a monthly high this week. Due to specific unfavorable circumstances, the cryptocurrency witnessed a subtle decline, with bears once again holding the price below the $1.6 fence level.
EOS is predicted to stay pertinent for the next few years as one of the most thriving crypto projects on the markets. Also, its characteristics are becoming more aspired by blockchain developers all over the world, which will certainly assist in pushing the price of EOS coins more increased in the next decade.
When it comes to the daily chart, the RSI is indicating that buyers are now soft and they may soon carry the asset above the $1.6-resistance level. Similarly, the MACD indicator persists to move heightened in the favorable zone.
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EOS Price Prediction: Why EOS price is increasing?
EOS/USD Weekly chart – GoCharting
EOS Global is presently collaborating with various blockchain projects which require rapid transactions and an easygoing dApp platform. EOS enables the exponential swiftness of transactions with an utmost of 2 million transactions per second. EOS basically acts like a trigger that allows lightspeed transactions on an international scale. Thus it has ample use in the DeFi ecosystem.
The price of EOS – is increasing after the firm agreed with investors who argued the project broke the US securities laws by failing to document EOS as a security with the nation’s Securities and Exchange Commission (SEC). The agreement influences Block.one, the firm in control of designing the EOSIO blockchain, which has invested as much as $4 billion in over 100 projects in the crypto world including increasing funds for the growth of the EOSIO network.
Block.one decided to expend $27.5 million in compensation that has already accepted conditional permission from the US District Court for the Southern District of New York. According to the primary complaint, Block.one allegedly traded ERC-20 tokens to US investors to fund the expansion of EOSIO without recording the sale with the nation’s financial caretaker.
https://twitter.com/BigBeardSamurai/status/1559217943225008131?s=20&t=kiQ1Azp2T4JbcushJvh3pA
Also, the CEO of the EOS Foundation, Yves La Rose, tweeted that the company will be rebranding the blockchain before the fulfillment of its hard fork – which is predicted to happen on 21 September. La Rose highlighted that the firm sacked Block.one last year and actually took command of the network’s administration. Yet, they cannot alter the blockchain’s code as the intellectual property is held by a firm connected to Block.one.
To bypass this constraint, the EOS Foundation will initiate a hard fork of the blockchain that will permit the firm to attain full power on all forthcoming modifications and advancements made to the network. About the blockchain’s opportunities, La Rose said that Rebranding EOSIO and hard forking EOS is a critical component of the recovery, and describes the beginning of a new chapter. He further added that EOS can ultimately break through its glass ceiling and reach its complete prospect.