Technical Analysis of EOS

EOS is a blockchain based decentralized operating system which enables businesses to build blockchain applications in a way similar to web-based applications. Elimination of transaction fees and scalability are two major features of the software. Since many of the enterprises and companies and developers are looking for such a decentralized blockchain-based platform, the future looks bright but there’s still a level of uncertainty surrounding the project. This is still very risky cryptocurrency and investors should also have in mind the competition the EOS network will face from other similar projects. In my opinion, EOS will have big problems to compete with Ethereum which stands the number-one platform for dapps and smart contracts. The positive thing is that EOS has already teamed up with the likes of several big companies, decentralized exchange known as EOSfinex is the partnership between EOS and Bitfinex. The cryptocurrency market is advancing again and it is very important that the price of Bitcoin is again near $8 000. The current price of EOS is close to the short resistance level which stands at $6.5 but it is important to say that the price of this cryptocurrency advanced recently above $6.8. As long EOS is below $10 this cryptocurrency is in the “SELL” zone. If the EOS jumps above $10 that could be a strong signal of the trend reversal and the open way to $15. On the other side, if the EOS falls below $5.5 that will be a strong “SELL” signal and the next target could be around $5.

Advice: In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. As for the technical picture, the EOS remains in bearish phase but if the price advances above $10, short-term traders can enter the position with the stop loss at $9 and take profit at $12 or even $15.