HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

EOS Price Just Surged 15%—and More Upside Is Likely on Its Way

Altcoins 2020/08/16 00:00 by Nick Chong

EOS has surged 15% in the past 24 hours, making it one of the best-performing cryptocurrencies in the top 20 aside from Chainlink. The cryptocurrency, with this latest rally, is reaching multi-week highs.

While the ongoing move is still nascent, analysts think that EOS has fuel to surge even higher in the weeks ahead. The cryptocurrency can be spurred by both fundamentals and technicals, they suggest.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

EOS Is Preparing to Surge Higher, Technicals Show 

EOS’s move has just begun, but analysts are already expecting the asset to achieve further upside.

Michael Van De Poppe, a trader at the Amsterdam Stock Exchange that follows cryptocurrency, shared the chart below on August 15th.  It shows that EOS is following the path he predicted a number of days ago. His prediction suggests that EOS still has another 10% or so to rally before a retracement.

“And that’s the mover. Nice! Already up 21% and finally following $XRP. Expecting some consolidation overall, but this one is starting to heat up.”

Image

Chart of EOS' price action over the past few months with analysis by trader Michael Van De Poppe (Cryptomichnl on Twitter). Chart from TradingVIew.com

The expectations of strength in EOS’ price action have been further echoed by Nik Patel, the author of the “Altcoin Trader’s Handbook” and a popular cryptocurrency analyst.

He noted that EOS is likely on the verge of outpacing the growth of Ethereum, referencing a chart relating the price action of the two smart contract giants.

Related Reading: Crypto Tidbits: Goldman Stablecoin, Dave Portnoy Wants Bitcoin, DeFi Boom

Boosted by DeFi Narrative

EOS may be boosted by the fundamental narrative that the blockchain is pushing towards decentralized finance.

Responding to the ongoing DeFi craze that has largely culminated in the Ethereum ecosystem, Brendan Blumer, co-founder of Block.one (EOS founder), said that the blockchain will “unleash DeFi.”

Blumer added in a later comment that the network has “the performance, liquidity, and developer community to support #DeFi applications that aren’t possible anywhere else.”

Considering the effect DeFi has had on ETH, it would not be surprising to see EOS outperform many other digital assets if it sees a similar DeFi boom.

If developers can deliver on Blumer’s intent to “unleash DeFi,” though, remains to be seen. But as made abundantly clear by the high transaction fees faced by Ethereum users over recent weeks, solutions are needed in the near future or else smaller market participants will be entirely priced out.

Featured Image from Shutterstock
Price tags: eosusd, eosbtc
Charts from TradingView.com
EOS Price Just Surged 15%—and More Upside Is Likely on Its Way

0 Like(s)



You should also read...

Altcoins 07/06/20 00:00 by Nick Chong
On-Chain Data Shows Ethereum Usage Has Rocketed, Boosting ETH’s Bull Case
Ethereum is still down by over 80% from its all-time high, but that hasn’t stopped cryptocurrency users from increasingly adopting the asset. Rafael Schultze-Kraft (@n3ocortex on Twitter...
Read More
Bitcoin 08/08/20 06:00 by Nick Chong
Crypto Tidbits: Goldman Stablecoin, Dave Portnoy Wants Bitcoin, DeFi Boom
Another week, another round of Crypto Tidbits. It’s been a volatile week for the price of Bitcoin and other top digital assets. After our last Crypto Tidbits, the price of the leading cryptocur...
Read More
Altcoins 17/09/20 12:00 by Nick Chong
This Pivotal Level Could Trigger an Ethereum Correction Under $300
Analysts are fearful that Ethereum could drop under $300 despite strength in Bitcoin and legacy markets. Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Ethereum Could M...
Read More
Altcoins 03/01/21 02:40 by Nick Chong
Here’s Why Analysts Think Ethereum Will Soon Move Toward $800
Ethereum has underperformed Bitcoin as BTC has pushed past $33,000 today. ETH is up 8% in the past 24 hours while BTC has gained over 11%. Despite the relative underperformance, analysts soon think th...
Read More
Altcoins 15/06/21 20:27 by hououinkyouma29
Nearly 1% Of Bitcoin Supply Is Now Wrapped In Ethereum
As wrapped Bitcoin approaches 189,000 BTC, the leading form of BTC on Ethereum now makes up for nearly 1% of the total supply of the cryptocurrency. The total supply of WBTC was only around 4,000 coin...
Read More