Where is EOS going from here?

October 16, 2019   EOS

EOS (EOS) is one of the largest and most popular cryptocurrency projects in the world, with the coin currently ranking as the 7th largest crypto by market cap. EOS also holds a lot of potentials, and it is still considered to be a potential 'Ethereum killer.'

However, EOS is not so impressive when it comes to the performance of its price. Whether this will change in the future still remains to be seen. Even so, taking a look at its performance in the past may lead to some conclusions about where this project's price may be heading.

EOS before 2019

As you may know, EOS was launched back in July 2017, and after the initial price jump, which took the price to $5, the coin's value started dropping equally as rapidly, eventually leaving it at $0.5. However, as 2017 approach its final days, EOS joined Bitcoin's rally, surging all the way up to $18.16. After that, the market crashed, and EOS dropped to its resistance-turned-support at $5.

However, that was not the last big achievement that EOS had made in 2018. Only a few months later, in April/May of 2018, most coins' prices suddenly stopped dropping and started another surge. Many thought that this was the end of the bear market and that a new bull run was taking place once again. In reality, it was only a brief period of recovery, during which the bear market let go for a few weeks.

While most coins saw a 20-30% increase during this period, EOS went off the charts, exceeding every previous milestone, and reaching its new all-time high (ATH) after surging past $22. This was a brief achievement, but still something quite unique in the crypto industry. Unfortunately, EOS then started dropping one more time. Its drop was briefly interrupted by the launch of its blockchain in June, although it continued immediately after that.

The drop was finally stopped by support at $5 once more, where EOS found stability for a few months. Unfortunately, that stability was interrupted by the second market crash in November, when BCH hard fork resulted in a hash war with the BSV development team. As a result, EOS broke its support, going all the way down to its initial price, first seen during its launch.

EOS in 2019

Luckily, EOS never hit its lowest point, even during the worst periods of 2018, and definitely not in 2019. As soon as this year had started, EOS started seeing slow growth, and it actually participated in each mini-surge that took place between April and June of this year.

Eventually, its price reached $8, which is far from its ATH, but still a pretty decent increase. With the end of the bull runs in mid-June, EOS crashed once again, and this time it didn't even slow down before breaking the support at $5. It once again dropped to the same low price that it had after the November crash, which is pretty much where it is right now, with the price of $3.14 at the time of writing.

Where is EOS going from here?

As mentioned, EOS still holds huge potential as a development platform, and it is seeing a lot of usages thanks to its dApps and other products. In fact, its daily volume is well above $1 billion, which means that the coin is more than deserving of its place as the 7th largest cryptocurrency.

In the past, EOS had shown the will to grow, too, although it is still tightly tied to the overall market sentiment and Bitcoin's own performance. Still, the amount of usage shows that EOS has a bright future, and while it is unlikely that it will kill Ethereum (Especially after Ethereum 2.0 comes into play), it can still remain one of its main competitors.

Author: Ali Raza for Crypto-Rating.com

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