Up or down? EOS value forecast for October

The price of EOS has gone from $ 3.91 to under $ 2.50 in less than three months, and the current price is $ 2.59. The main reason for this is low transaction volume and the fact that EOS investors have faced trust issues.

Fundamental Analysis: There is still some level of uncertainty

EOS is a blockchain-based decentralized operating system that enables companies to create blockchain applications similar to web-based applications. The elimination of transaction fees and scalability are two key features of the software.

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Some analysts say this cryptocurrency has positive long-term prospects as EOS could replace Ethereum as the dominant platform for smart contracts. Investors in EOS should keep in mind that this is still a very risky cryptocurrency, but now could be a good time to start trading EOS.

With many companies, businesses and developers looking for such a decentralized blockchain-based platform, the future looks bright, but the project is still uncertain. EOS price has been trending downward for the past three months and there is currently no sign of a trend reversal.

According to the latest news, EOS developer Block.one is making a new platform “EOSIO for Business” possible. With this platform, companies can build and maintain a blockchain-based infrastructure.

This is certainly positive news for EOS, but the price of this cryptocurrency is still unable to recover above the USD 3 resistance level. EOS investors struggled with trust issues as the US Securities and Exchange Commission fined Block.one (EOS ‘parent company) a $ 24 million block fine.

The reason for this was an unregistered coin offering, and investors began to have doubts about the long-term viability of the project. The volume of transactions has gotten smaller, and analysts have found that EOS is used for small bets rather than value transfer purposes.

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Technical analysis: EOS main trend remains bearish

Data source: tradeview.com

According to the rules of technical analysis, the main trend of this cryptocurrency is bearish. The current resistance levels are $ 3, $ 3.5 and $ 4, $ 2.5 and $ 2 represent the strong support levels.

If the price jumps above USD 3 it would be a signal to buy EOS and we are open to USD 3.5. A rise above $ 3.5 will support the continuation of the uptrend and the next price target could be $ 4.

On the other hand, if the price drops below $ 2, it would be a strong sell signal and we have the open road to $ 1.5.

Summary

EOS has been on a downtrend for the past three months and there is currently no sign of a trend reversal. EOS is constantly adding new customers, but the project is still uncertain. If the price falls below USD 2 it would be a strong sell signal and we have the open road to USD 1.5.

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