The crypto market is down again. In the past seven days, the bitcoin price has fallen almost 11.8%. The EOS price, on the other hand, shows a good performance. In the past seven days, the price has risen almost +17%. In this article, we cover possible scenarios for the further development of the EOS exchange rate.
What is EOS?
EOS is a delegated Proof of Stake (dPoS) blockchain that was launched in mid-2018. The project is based on smart contracts and can handle a high number of transactions per second (TPS). This is achieved by a limited number of nodes (21) creating the new blocks. EOS has had the most successful ICO to date, raising over $4 billion.
EOSIO is a protocol based on the delegated Proof of Stake consensus mechanism that powers smart contracts. The number of block producers is limited to 21. There are different networks based on the EOSIO protocol.
EOS works with a resource model. Anyone who wants to use EOS buys a share of the network resources. Users can then use them as they wish. The resources are referred to as liquid in the form of the EOS tokens themselves. If you want to convert EOS to resources, you need to lock (stake) them. If you want to liquidate (expose) the resources again, you must wait 3 days. Nodes are paid up to rank 89 with annual inflation of 1%.
EOS price: RSI gives strong positive signals
At the time of writing, EOS is priced at $1.53. The EOS price has experienced a high level in the last few days. While the bears have prevailed on the 200-day moving average on a daily basis, the market capitalization is up 9.5% and currently stands at $1.65 billion.
While the crypto market is currently in a consolidation phase, EOS is in a more bullish mood. Due to rapid buying dynamics, the EOS price reached a monthly high this week.
Expect EOS to remain relevant as one of the most thriving crypto projects on the market for the next few years. In addition, EOS properties are increasingly in demand by blockchain developers worldwide, which will surely help drive the EOS price higher in the next decade.
On the daily chart, the RSI indicates that the buyers are now bullish and will soon drive the EOS price above the $1.6 resistance.
>> Click here to buy EOS <
Price Prediction: Why Is EOS Price Rising?
EOS Global is currently working on various blockchain projects that require fast transactions and a straightforward dApp platform. EOS enables transactions to be processed quickly at exponential speeds with a maximum of 2 million transactions per second.
EOS prices rose after the company settled with investors who believed the project violated US securities laws by failing to register EOS as a security with the country’s Securities and Exchange Commission (SEC). This settlement affects Block.one, the company responsible for the development of the EOSIO blockchain, which has already invested $4 billion in more than 100 projects in the crypto world, including increased funds for the further development of the EOSIO network.
Block.one has decided to pay $27.5 million in damages, which has been conditionally approved by the US District Court for the Southern District of New York. According to the main complaint, Block.one is said to have issued ERC-20 tokens to US investors to fund EOSIO’s expansion without reporting the sale to the country’s financial regulator.
The EOS Foundation draws conclusions
EOS Foundation CEO Yves La Rose also tweeted that the company will rebrand the blockchain ahead of the hard fork, which is scheduled for September 21st. La Rose emphasized that the company fired Block.one last year and took over management of the network. However, they cannot change the code of the blockchain as the intellectual property is owned by a company affiliated with Block.one.
To circumvent this limitation, the EOS Foundation will initiate a hard fork of the blockchain, allowing the company to gain full power over all future changes and advancements to the network. Regarding the blockchain opportunities, La Rose said that the rebranding of EOSIO and the hard fork of EOS is a crucial component of the regeneration and marks the beginning of a new chapter.
More from Crypto News
Test Cryptoticker Premium for 1 EUR/day! Bitcoin course forecasts, metaverse, NFTs and more.
The new year 2022 has arrived with great strides. Although Bitcoin, Ethereum & Co. are not exactly optimal in …
Cardano Course Again In A Strong Buy Zone – What’s The Reason?
Cardano started a healthy uptrend over the past month. After the formation of this uptrend that drove the entire cryptocurrency market higher,…
How has Bitcoin evolution looked in recent years? – History of Bitcoin
How has Bitcoin evolution looked in recent years? We provide an overview of the history of bitcoin and …
Cryptocurrency Weekly Review: Bitcoin Drop, New Fed Concerns, Ethereum Hype Over?
What happened in the cryptocurrency space in the last week? We look at the latest developments in the crypto market.