This could be the Ethereum Killer

April 4, 2022

EOSIO (Eos) – Overview And Long Term Price Forecast

Launched in July 2022, EOSIO aims to become the best substructure for construction decentralized applications (dApps), bad news for Ethereum. Its blockchain computer architecture allows for vertical and horizontal scaling of dApps. This is made possible by emulating most of the characteristics of a traditional computer upon which traditional apps can Be collective. The resulting blockchain computer architecture has the potential to scale to millions of transactions per second according to Eos.Io official website. Reported to TokenGazer, the up-to-date number of transactions is more or less just 4,000 which is still way of life better 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 worth $4,755,970,170.Since bottoming out approximately $1.55 in December 2022, EOS has been constantly ascending and latterly managed to break a very important resistance degree settled at $4.60. Price action reacted to this level various times earlier breaking which makes the breakthrough that much more important. It too opens the door for a quick touch of $6.90 – $7.00 area.

The Moving Average Overlap Divergence (MACD) on the period chart has intercrossed bullish and is now starting to show increased momentum (lines are moving foster apart and the histogram is increasing in value). If the two lines will move supra the histogram and we see a weekly familiar above $4.60 the bullish bias volition become even stronger. At that time the $9.40 will become an doable target.

Along a Each day chart, price has moved to a higher place the 100 years Exponential Moving Common which is another bullish sign. This increases the opening of an extended move up (even uptrend development) but it's important to government note the position of the Relative Metier Index (RSI). The indicator is deep into overbought soil which suggest the rally may already be topping out.

The chart higher up also shows a configuration of pessimistic divergence. Comparing the last deuce price tops with the high two RSI tops we can see that price is devising a higher high and the RSI is not (more like a double top on the oscillator). This divergence combined with the overbought condition leave likely trigger a retracement in the coming hebdomad but as long As price is trading supra the 100 days EMA the outlook is bullish.

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

Weekly Chart Support : $1.55 (possibly $4.60 but this level is non unchangeable yet)

Day-after-day Graph Resistance : $5.80; $6.20; $6.90

Time period Chart Resistance : $6.90; $9.40; $10.00

Most liable scenario : Small retracements followed by a move into the immunity at $9.40. As long atomic number 3 price stays above $4.60 and above the 100 years EMA, in that respect a high take chances of upper side action but keep in mind that until the target is reached, we will determine more pullbacks.

Alternate scenario : Unpredictability could disappear clean as fast as it appeared, which will die to a ranging market with a bearish bias.