Up or down? EOS price prediction for October

Up or down? EOS price prediction for October
Written by:
Stanko Iliev
15th October, 21:33
Updated: 15th October, 21:34
  • EOS is trading around $2.59 but the current negative trend might force it down again
  • The main trend of EOS remains bearish and for now, there is no signal of the trend reversal
  • EOS developer Block.one is enabling a new platform "EOSIO for Business"

The price of EOS has weakened from $3.91 below $2.50 in less than three months and the current price stands around $2.59. The main reason for this is a low transaction volume and the fact that EOS investors faced trust issues.

Fundamental analysis: There’s still a level of uncertainty

EOS is a blockchain-based decentralized operating system that 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.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Some analysts say that this cryptocurrency has a positive long term outlook because EOS could replace Ethereum as the dominant smart contract platform. Investors in EOS should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade EOS.

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. EOS price has been moving in a downtrend last three months and for now, there is no signal of the trend reversal.

According to the latest news, EOS developer Block.one is enabling a new platform “EOSIO for Business”. This platform will allow businesses to build and maintain blockchain-based infrastructure.

This is certainly positive news for EOS but the price of this cryptocurrency is still not able to recover above the $3 resistance level. EOS investors faced trust issues since the U.S. Securities and Exchange Commission (SEC) slapped a $24 million penalty to Block.one (EOS’s parent company).

The reason for this was an unregistered initial coin offering and the investors started to have doubts over the project’s long-term viability. Transaction volumes have become smaller and analysts found out that people use EOS for placing small bets instead for value-transfer purposes.

Technical Analysis: The main trend of EOS remains bearish

Data source: tradingview.com

According to the rules of technical analysis, the main trend of this cryptocurrency is bearish. The current resistance levels are $3, $3.5 and $4, $2.5 and $2 represent the strong support levels.

If the price jumps above $3 it would be a signal to buy EOS and we have the open way to $3.5. Rising above $3.5 supports the continuation of the bullish trend and the next price target could be located around $4.

On the other side, if the price falls below $2 it would be a strong “sell” signal and we have the open way to $1.5.

Summary

EOS has been moving in a downtrend last three months and for now, there is no signal of the trend reversal. EOS is constantly adding new clients but there’s still a level of uncertainty surrounding the project. If the price falls below $2 it would be a strong “sell” signal and we have the open way to $1.5.

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.