The world’s fifth largest cryptocurrency in terms of market valuation has maintained stability since the last all time high price at $23 within last seven days. EOS has gained media attention all over world as it plans to introduce its own blockchain.
EOS blockchain is aiming to become a decentralized operating system which can support industrial-scale decentralized applications. One of the challenges of the blockchain technology is its scalability in our world today.
EOS plans to make the blockchain technology more scalable by being able to completely remove transaction fees and also having the ability to conduct millions of transactions per second. In the next 26 days, EOS launches its mainnet.
This amazing upscaling of the blockchain technology by EOS has really drawn the attention of most crypto investors. Just within the first quarter of 2018, EOS has been soaring in price that has beaten the imagination of everyone crypto trader.
EOS/USD Daily timeframe Price Chart
EOS/BTC Daily timeframe Price Chart
The above charts show the sporadic rise in the price of EOS in the both dollar and satoshi value within just one month.
On the above charts, EOS bullish recovery began when it made a low to $4 sometimes in March. As at then,this was equivalent to 50k sats on the EOS/BTC price chart. From 50k sats, EOS rose to its new all time high price at 240k+ sats($23) sometimes last week.
Where is the next price target of EOS?
Looking critically on EOS/BTC price chart, EOS seems to have found a key resistance level at 240k sats. Investors began taking profit when EOS visited the new all time high price. Within the last seven days, EOS has recorded a loss of 5.40% in both satoshi value and dollar value from the last all time high price to the current price which is around 190k+ sats ($17.69) now.
On a critical technical review, EOS is within a pull back zone. Pull back zone is within the trend line channel represented with blue, green and red.
A close of price below the blue trendline will take EOS to the middle green line.
If the green trendline gets broken, then EOS is expected to find support at the base of the red trendline. At the point where the red trendline and pink horizontal line meets(135k sats),EOS is expected to witness a strong buying pressure.
Why is 135k sats seen or expected as the next best buy entry for EOS?
Recall that sometimes in January this year, EOS made its first all time high price at about a price near $15 before the massive bearish market to $4. This level was once a key resistance level that was broken recently when EOS made the recent all time high price to $23. So this level has now become a key support level that crypto investors all over the world are looking at buying EOS again.
Keeping all fingers crossed, EOS is expected to a witness another round of strong bullish market but a pull back of price to like 135k sats or $14 could bring about an increase in demand for EOS prior to mainnet launch date.
In any case, buying EOS at this current price may not be a bad investment as the overall long term price projection for EOS is near $50 for the year 2018.