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EOS Price Just Surged 15%—and More Upside Is Likely on Its Way

EOS has surged 15% prior to now 24 hours, making it one of many best-performing cryptocurrencies within the prime 20 except for Chainlink. The cryptocurrency, with this newest rally, is reaching multi-week highs.

While the continued transfer continues to be nascent, analysts assume that EOS has gasoline to surge even greater within the weeks forward. The cryptocurrency may be spurred by each fundamentals and technicals, they counsel.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

EOS Is Preparing to Surge Higher, Technicals Show 

EOS’s transfer has simply begun, however analysts are already anticipating the asset to realize additional upside.

Michael Van De Poppe, a dealer on the Amsterdam Stock Exchange that follows cryptocurrency, shared the chart under on August 15th.  It reveals that EOS is following the trail he predicted plenty of days in the past. His prediction means that EOS nonetheless has one other 10% or so to rally earlier than a retracement.

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“And that’s the mover. Nice! Already up 21% and eventually following $XRP. Expecting some consolidation total, however this one is beginning to warmth up.”

Chart of EOS’ value motion over the previous few months with evaluation by dealer Michael Van De Poppe (Cryptomichnl on Twitter). Chart from TradingVIew.com

The expectations of power in EOS’ value motion have been additional echoed by Nik Patel, the writer of the “Altcoin Trader’s Handbook” and a well-liked cryptocurrency analyst.

He famous that EOS is probably going on the verge of outpacing the expansion of Ethereum, referencing a chart relating the worth motion of the 2 good contract giants.

Related Reading: Crypto Tidbits: Goldman Stablecoin, Dave Portnoy Wants Bitcoin, DeFi Boom

Boosted by DeFi Narrative

EOS could also be boosted by the basic narrative that the blockchain is pushing in direction of decentralized finance.

Responding to the continued DeFi craze that has largely culminated within the Ethereum ecosystem, Brendan Blumer, co-founder of Block.one (EOS founder), mentioned that the blockchain will “unleash DeFi.”

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Blumer added in a later remark that the community has “the efficiency, liquidity, and developer neighborhood to assist #DeFi purposes that aren’t doable anyplace else.”

#EOS will unleash #DeFi

— Brendan Blumer (@BrendanBlumer) August 14, 2020

Considering the impact DeFi has had on ETH, it could not be shocking to see EOS outperform many different digital belongings if it sees an identical DeFi growth.

If builders can ship on Blumer’s intent to “unleash DeFi,” although, stays to be seen. But as made abundantly clear by the excessive transaction charges confronted by Ethereum customers over latest weeks, options are wanted within the close to future or else smaller market contributors can be completely priced out.

Featured Image from Shutterstock
Price tags: eosusd, eosbtc
Charts from TradingView.com
EOS Price Just Surged 15%—and More Upside Is Likely on Its Way

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