This could be the Ethereum Killer

April 4, 2019

EOSIO (EOS) – Overview And Prospicient Term Price Forecast

Launched in July 2017, EOSIO aims to become the best base for building decentralised applications (dApps), corky news for Ethereum. Its blockchain architecture allows for statant and crosswise scaling of dApps. This is made manageable by emulating most of the characteristics of a conventional figurer upon which traditional apps can be shapely. The resulting blockchain architecture has the potential to scale to millions of minutes per second according to Eos.IO official website. Accor&t to TokenGazer, the on-going number of transactions is about just 4,000 which is still way amend than Ethereum's few dozen.

Eos/USD Price Analysis – The Big Picture

Presently EOS is valued at 5.25 America Dollars and is ranked 6 ^th on CoinMarketCap with a current supply deserving $4,755,970,170.Since bottoming out about $1.55 in December 2018, EOS has been constantly ascending and recently managed to break in a very important resistance level located at $4.60. Price action reacted to this level several multiplication in front break which makes the breakthrough that some more important. It also opens the door for a quick feeling of $6.90 – $7.00 area.

The Moving Average Convergence Divergence (MACD) connected the weekly chart has crossed optimistic and is now opening to show increased momentum (lines are moving further apart and the histogram is increasing in value). If the two lines will move above the histogram and we see a weekly close higher up $4.60 the bullish bias will get even stronger. At that time the $9.40 will become an manageable target.

On a Daily chart, price has moved above the 100 days Exponential function Moving Common which is another optimistic sign. This increases the possibility of an extended move up (even uptrend evolution) but it's important to note the position of the Relative Specialty Index (RSI). The indicator is deep into overbought territory which suggest the rally Crataegus laevigata already be topping out.

The graph above too shows a form of pessimistic divergence. Comparison the survive two cost topnotch with the last two RSI tops we can see that price is making a higher high and the RSI is not (more like a double upside along the oscillator). This divergence combined with the overbought condition will likely gun trigger a retracement in the coming week only as long American Samoa price is trading to a higher place the 100 days EMA the lookout is optimistic.

Daily Chart Endorse: $4.60; 100 Days EMA; $3.15; $1.55

Weekly Chart Support : $1.55 (possibly $4.60 just this level is not confirmed yet)

Daily Chart Resistance : $5.80; $6.20; $6.90

Weekly Graph Underground : $6.90; $9.40; $10.00

Nearly likely scenario : Small retracements followed by a go under into the resistance at $9.40. As lasting as price stays to a higher place $4.60 and above the 100 days EMA, there a graduate chance of upside action but bread and butter in intellect that until the object is reached, we will see to a greater extent pullbacks.

Alternate scenario : Volatility could go away even as rapid as it appeared, which volition give way to a ranging market with a bearish bias.