EOS is the 23rd largest cryptocurrency by market cap. The Ethereum-like smart contracts and dapp platform has its native token – EOS, which now has a market cap of $3,494,064,685. Also, it has a circulating supply of 950,979,725 EOS and a 24 hours trading volume of $2,004,222,916. In order to better understand the market sentiment, we have prepared for you this EOS price prediction for March 2021.
EOS Price Prediction: Analysis
EOS has been in a tight range since the first quarter of 2020. So far, it has now made any significant price jump until February 2021, when the price rose close to the February 2020 level. This is significant as February 2020 was the last time the price got to over $5.
The daily chart shows that there has been a recent see-off with massive volume, which is responsible for the dip in the price following the surge in February. The price is, however, still showing healthy growth, even if it is insignificant, as a death cross has not occurred yet.
After experiencing the big dip, the price seems to have entered another consolidation phase, which could lead to a further break down of the price or a breakout to the upside.
The RSI has also dropped to almost 40. This is a sign of weakness and proof that sellers are still in control unless buyers step in to push the trend up. According to sentiment indicators on Tradingview, the sentiment is neutral at the moment, but things could change soon as the pressure on one side mounts.
The following are key support and resistance levels to watch out for if you are trading EOS. The data is calculated by Walletinvestor:
- Resistance Level (R3): 4.087;
- Resistance Level (R2): 3.891;
- Resistance Level (R1): 3.677;
- Pivot Point: 3.481
- Support Level (S1): 3.267;
- Support Level (S2): 3.071;
- Support Level (S3): 2.857.
In January, Block One, which is the company behind EOS, lost one of its foremost tech staff – Dan Larimer. EOS market cap took a hit upon the announcement of his departure as the former CTO also revealed that he had sold his EOS holding. This development has greatly impacted EOS’s performance, as it dropped from being the 16th largest at the time to the now 32nd position.
This development calls into question Block.one’s commitment to making EOS better rather than just providing a platform for it to thrive. It is said that the company has done nothing to support EOS, and Larimer’s departure further confirms this.
Also, pNetwork recently launched the first EOS-Ethereum cross-chain connection. This will make it possible to move EOS in the Ethereum DeFi ecosystem. EOS itself has a thriving ecosystem, but it has not grown to Ethereum’s height. Tokenized EOS, pEOS has by this development launched on Ethereum and can now be accessed on the DeFi ecosystem. This is a good step that EOS can use following the Larimer incidence.
EOS Price Prediction: Market Opinions
The following are the EOS price forecasts for March according to some of the most popular cryptocurrency price prediction sites.
Walletinvestor does not expect much from EOS in the first 14 days in March. The EOS price prediction is that it will reach a high of $5.159 in the month. The lowest price during the month is 2.811.
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Libertex is very bullish on EOS in March. The website anticipates that it will reach an average of $8.78 in March. The maximum expected price is $9.21, while the minimum expected price is $8.38.
Digitalcoinprice is also slightly bullish. The EOS price forecast for the month is $5.49, which means an increase of 52.75%.
Tradingbeasts foresees that the price will reach a maximum of $3.76042 in March and a minimum of $2.55709. The expected closing price is $3.00834.
EOS Price Prediction: Verdict
This EOS price prediction and analysis shows that the culture of the cryptocurrency is quite uncertain. The dip in the price seems far from over, as there are resistances to be broken, but the price momentum seems weak at the moment. Things may turn around, especially as the coin has now entered the DeFi ecosystem.
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