Cryptocurrencies come and go, quite literally at that. Now a new breakaway from the pack may be shaping up. Enter EOS, one of the majority’s funnest cryptocurencies to enter the fray for digital recognition.
The digital coin was launched back in 2017 when little suggested that it may explode in the way of profitability and generate a significant uptick. With Coindesk predicting a similar future for the coin, though, now more experts than ever are focusing on what EOS may bring the world of crypto and investors are now exploring all the possibility.
Speaking of EOS Highs
Let us first examine the price tag there. EOS may have started moderately, but it has soared up to $23.03, which is a significant jump in the value of the price. It occurred on 29 April making it one of the most significant jumps in the value of the token.
Even though there have been quite the upbeat prognoses for a while, EOS fell by 38.2% and that was a rather threatening level to begin with. Now analysts expect EOS to hold relatively well.
Initial support puts the currency at 38.2% support levels and others expect it to be at around 50% and 61.8%. These are considered to be the sort of support/resistance levels that will generally help it stay in the game.
For example, if the price drops below the 38.2% level, the next level is going to be 50% and then 61.8% and then so on.
If, on the other hand, this 38% metric manages to hold up, it means that a price pullback has concluded and you can expect a stable price thereafter. EOS has been quite happy with the 38.2% support level, which it has kept having all through 1 May.
In the recent past, the threshold has been even surpassed, although narrowly. Daily trading volumes, however, have been reduced quite palpably.
Testing It Would Help
If EOS wants to establish itself as a name to be reckoned with, the cryptocurrency will have to do significant efforts in maintaining its good repute. First, it has to test itself against the $20 in the coming days so that it knows that it can hold the threshold.
More importantly, this will be the necessary litmus test for investors to see for themselves whether they can rely on this cryptocurrency to pursue further riches with it.
EOS Worth Examining
When it comes to brilliant solutions, EOS comes the closest if you think cryptoworld. It may not be the most technologically advanced token, but it certainly serves the purposes of what many have been yearning for.
Having a reliable medium and means of exchange where cryptocurrencies can be used to swap real-world goods for the digital gold.
If EOS manages its levels well and the support remains intact with pricing fairly stable¸then investors may start investing.
But a more important question will still be on the cards.
Why Is EOS Holding Up?
A far more important question, to the financial world and other cryptocurrencies is, how come EOS manages to hold a stable price? Well, nobody really knows. Some estimate that the fact that nefarious activities do not take place, allow the crypto ecosystem to follow its natural course, rather than being pressed by abrupt changes in the stream and flow of investments.
This, in turns, makes us ask how to avoid such situations in the future. If EOS becomes so popular, there will be consequences.
One more pressing issue still is how to safeguard the exchanges that people are going to trade in. After all, most major cryptocurrencies have suffered heavily from hackers attacks and this is a well-established fact.
The fact that EOS is managing to hold up its price well does not mean that it will be prepared the oncoming storms. And if it fails to handle those, it may lose all its credibility and worthiness. And that would be dangerous.
A Final Thought
When it comes to preparing themselves for a large-scale launch, cryptocurrencies ought to be quite prepared to weather some difficult odds. It will notbe just regulators and customers that seem difficult to please.
Quite frankly, EOS will have to work on its offer if it is to stay in the game. It could be difficult on occasion, but worth it all the same.