EOS Price Up By 13% – Time To Buy EOS?

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EOS is a top crypto protocol in the decentralized applications (DApps) space. While it’s not as popular as Ethereum, the EOS blockchain allows businesses to create dapps the same way they build web-based applications. Could the time be right to buy EOS crypto? Let’s find out.

EOS: Popular ‘Ethereum Killer’

EOS price charts July 10

Dapps came with the Ethereum blockchain, but it hasn’t stopped with it. Dapps has led to the boom of decentralized finance (DeFi), which aims to replace the traditional financial system by making wealth creation more inclusive.

This significant uptrend has seen many dapps platforms springing up to address the lapses and loopholes the Ethereum blockchain is experiencing. One of such protocols is the EOS blockchain.

Birthed from a whitepaper published by Daniel Larimer and Brendan Blumer, EOS blockchain enables developers and businesses to build blockchain-based applications or dapps easily and quickly.

In addition, EOS provides services ranging from secure access and authentication, data hosting, usage management, and communication between dapps and the traditional internet.

According to the EOS team, EOS is a straightforward protocol that allows developers to better embrace blockchain technology by making it easier for them to build what they want in a hassle-free environment than rival networks. Towards this goal, the EOS blockchain boasts several tools and educational resources developers can easily use to build applications on the platform.

The blockchain platform launched in 2018 also aims to address the scalability issue by making the protocol faster and validating transactions faster than proof-of-work (PoW) protocol Ethereum.

EOS.IO is the blockchain’s operating system that manages and controls the blockchain network. EOS is the protocol’s native token which is used for payment settlement and governance.

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EOS to the Moon?

EOS, just like several other crypto protocols, seeks to oust the Ethereum network. However, it still has a long way to go. It currently occupies the 27th position on the most valuable cryptocurrency chart with a $3.8 billion market cap. Its trading volume is up 193.92% in the last 24 hours.

Price-wise, EOS is currently trading at $4.04, up 13.65% on the daily trading chart. This is a good time to buy EOS as the crypto market rallies.

However, EOS has not had a smooth sail. EOS traded at an all-time high (ATH) of $22.71 on April 2018 and has not been able to replicate that parabolic movement ever since.

Cryptocurrencies are known to be highly volatile, and EOS has not been an exception. It soon dipped 50% the next month and traded at $10.10 in June of that same year. This run of poor results continued till May 18, 2021, when it surged to $11.38. However, the May crypto market crash wiped off the gains, and EOS dipped to $3.65 a month later.

It has since caught some tailwind and is making an upward climb towards the $5 mark.

EOS Technical And Fundamental Analysis

This EOS rally has seen investors become interested in the popular Ethereum killer. The digital asset is trading above the 20-day moving average (MA) support price of $$3.4737 indicating a bullish run on the trading chart. The relative strength index (RSI) is also promising, with the oscillator standing at 45.26.

Market experts are also bullish on the EOS token. According to Wallet Investor, 1 EOS will be trading for $4.393 by the end of the year. Its five-year forecast puts at $6.270.

Meanwhile, EOS’ parent company, Block.one, plans to list a decentralized exchange (DEX) called Bullish Global through a Special Purpose Acquisition Company (SPAC) merger with Far Peak Acquisition Corporation.

This will see over $9 billion pumped into the new enterprise. The DEX platform will be launching on the New York Stock Exchange (NYSE).

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Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.