EOS Price Analysis: EOS/USD Could Very Quickly Double in Value

  • EOS price is holding steady gains after massive downside volatility hit the market on Sunday.
  • Mobile forum app, Tapatalk, will build a new system on the EOS blockchain, with a base of over 300 million users.

EOS:Recent Price Behavior

The EOS price is holding steady gains of over 2% on Monday at the time of writing, this coming after somewhat of a correction at the back-end of a solid week. EOS/USD had advanced a whopping 60% before running into a known zone for sellers. The supply zone tracks from $3.80 up to $4.56, and has not traded above this since 12th November 2018. Previously, the mentioned zone served as a substantial area for buyers, sending the price rocketing higher. Given that it has acted as a demand area in the past, this is now proving to be resistance.

EOS/USD looking via the weekly chart view has managed to close in the green for the past seven consecutive weeks. It has advanced well-over 100% within this period but must now retest the troublesome supply area mentioned earlier for more significant upside. Should the bulls manage to take this down, then a massive wave of buying pressure may quickly be seen. In terms of major updates, recent news flow has been very much supportive of EOS.

EOS Exposed to 300 Million Users via Tapatalk

Tapatalk, a leading mobile forum app, recently introduced a new Gold Point reward system which will be powered by blockchain technology. This wallet reward system is built on the EOS platform, and the blockchain integration will facilitate the Gold Points rewards by enabling micro-payments more feasible for end users. The excessive transaction fees from payment processors will no longer be necessary.

The app is used by over 200,000 forums spread in 186 countries globally, with a reported base of users at 300 million. Given the considerable exposure Tapatalk has across its vast user base, it could play a substantial contribution to the adoption of EOS among them. Tapatalk’s CEO Winter Wong commented on the integration in a press statement:

“We see many exciting ways this technology will deliver valuable monetisation and reward opportunities for forum communities. We are proud to support forum owners in growing prosperous microeconomies in a trusted environment.”

Technical Review – EOS/USD

EOS/USD weekly chart.

EOS/USD continues to trade around the highest levels seen since November 2018. The price is once again demonstrating similar price behavior to that of the bull run in the back end of 2017. Steady weekly gains are playing a large part in that view. For there to be a more significant wave of upside, the bulls must break down and move above the earlier noted supply, $3.80 – $4.56.

Should there be enough momentum to retest and break above this area, then the next targeted zone will be the $6.00-$7.00 range. EOS/USD last traded here in September 2018, and there isn’t too much in the way of a much back here once the first noted barrier is broken. Given the current demonstrated stability, the price has a decent opportunity to double the current price value.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.