EOS Holds Gains During Market Uncertainty, Can It Hit $2?
06 März 2023 - 4:30PM
NEWSBTC
These past few days went by with devastating losses across the
cryptocurrency market as top coins surrendered gains amid rapid
volatility. It wasn’t surprising as the market sentiment was under
pressure due to fear and uncertainty plaguing investors about the
Fed’s interest rate hikes and CPI data. However, some coins proved
resilience despite the market-wide downturn. Among the few
resilient cryptocurrencies is EOS, which scored over 7% on weekly
gains while holding 20.2% of its past 14-day price rally.
Related Reading: Shiba Inu Is The Crypto Of Choice By Top 100
Ethereum Whales – Here’s Why This performance reflects the EOS
ecosystem growth, partly brought about by its Ethereum Virtual
Machine (EVM), probably anchoring it above the adverse effects of
the downturn. Even Messari’s latest report on EOS’ EVM solution is
a game changer for the network. EOS Performance Outlook At press
time, the coin is trading at $1.21, while its price has surged by
only 0.7% over the past 24 hours. However, EOS is outperforming the
global cryptocurrency market, which has declined by 3.10% over the
past week. Also, EOS is outperforming compared to similar Smart
Contract platform cryptocurrencies, whose prices have collectively
lost 7%. Although the coin is trading at $1.21 today, there is a
lot it can achieve should it record more rallies in the coming
days. It could even hit $2, all things being equal. EOS once traded
above $2 in March 2022 before the crypto winter set in, pushing its
price down below $1 in June. It even traded at $0.879339 in January
2023 before rallying to the current price. This means the token’s
price is 151.53% higher than its all-time low price of $0.502400 on
October 23, 2017. Last week, EOS recorded five green days in
a row while its price rallied over 16% within the period. If the
coin progresses with the same momentum in the coming days, $2 will
be achievable. It would be even more possible if the sentiment in
the broader cryptocurrency market turns bullish in the coming
weeks. Ongoing Developments Could Increase Activity On The Network:
Messari Report As of press time, the EOS Network Foundation is
pursuing several projects that might influence the coins price
rally, pushing it to new highs. For Example, the EOS team is
building an Ethereum Virtual Machine (EVM) solution that supports
Solidity. Solidity is a high-level programming language for
implementing smart contracts on Ethereum. Also, AntelopeIO recently
launched on the EOS mainnet, enabling Antelope-based blockchains to
communicate securely with each other and scale horizontally. These
new pursuits would compensate for the network’s loss in the crypto
winter. Related Reading: MATIC Price Prediction: Polygon Bears Aim
$1 or Lower According to Messari’s report, the EOS network has seen
several developmental improvements, including ongoing ones that
would scale its growth. But in terms of network activity, EOS
network activity has declined, with an average of 1.3 million daily
transactions and 38,000 daily activities year-to-date. Moreover,
the coin saw a decline in new daily addresses from 2,600 in 2022
and nearly 13,000 in 2021 to 1,785 in 2023. Its daily Active
Addresses declined in 2022, corresponding with the shift from bull
to bear market in the broader crypto space. The 2022 bear
market was devastating for most cryptocurrencies. Many coins,
including EOS, have not recovered from the loss. EOS’ price is now
94.44% lower than its April 2018 all-time high of $22.71. This
decline could change soon with the recent developments in the EOS
ecosystem and might succeed in pushing the token price further
above $2. Above all, it would introduce more users to the network,
which is the bedrock for mainstream adoption. Featured image from
Pixabay and chart from TradingView.com
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