EOS (ERC-20 Token):
- Current Price $0.93 USD
- Current Market Cap $309 Million
- Circulating Supply 332 Million (+2M per day)
- Total Supply 1 Billion
- Release Date July 1st 2017, Completion Date next summer
Looking at the one week charts for EOS we should see a rebound to the $1.09-$1.17 zone in the short term (a few days). Stochastics indicate OVERSOLD conditions which indicate that now is the time to buy. Bollinger Bands suggest that we are below the moving average of 96 cents and should see a top range of $1.00 on the next oscillation.
When looking at the all-time charts the price targets are much higher. We could see a retracement back to the $1.45 zone within a few weeks to a few months and a possible 1.618 ratio retracement to $3.01 by next summer.
The main reason why the price has been hit so hard recently is because a large portion of the demand for these tokens is coming from the Asian markets. When China made their recent ruling to ban ICOs it sent shockwaves through the crypto community. EOS was trading at more than double its current price one month ago and has slowly seen demand tapering off.
EOS is already ahead of schedule with their development and had initially raised $200 Million to jumpstart their project. This recent price dump is just a minor speed bump in their roadmap and they will come back even stronger! Anything that Dan Larimer creates turns into pure GOLD.
Please let me know what you think about EOS and the future of fee-less, fully scalable blockchain projects :) Happy trading!
