Popular TradingView analyst Alexander assessed the prospects of the EOS token and spoke about profitable strategies when working with the asset
EOS is a cryptocurrency to support the decentralized operating system EOS.IO. It is a blockchain platform for decentralized applications and smart contracts. EOS is used as a token within the EOS.IO network and provides users with access to resources such as computing power or data storage.
EOS.IO was developed by Block.one in 2018. It quickly became popular due to its high performance, scalability and low transaction fees. This has helped EOS.IO gain the attention of developers and entrepreneurs who use it to build decentralized applications.
The EOS cryptocurrency was created based on the ERC-20 Ethereum standard, but in 2018 Block.one released its own blockchain called the EOS Mainnet and transferred EOS tokens to its own network.
The overall high performance, scalability, and low transaction fees on the EOS network make it attractive to developers and users. There are several factors that could influence the future success of EOS.
1. Increased interest in decentralized applications. Recently, we have seen an increase in interest in decentralized applications and blockchain technology. This could lead to increased demand for platforms like EOS.
2. Improved EOS technology. Developers continue to work on improving the platform and its protocol. A faster and more reliable platform will also encourage interest from developers and users.
3. Competition: There are other blockchain platforms like Ethereum that also provide infrastructure for decentralized applications. Competition can put pressure on EOS and lead to product improvements.
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A collapse of more than 96% during the bear market of 2022, if you look globally, looks like a protracted flat. Therefore, now is an interesting time to take a closer look at potential coin purchases. There is one way that you can go at the current moment – investing.
Hourly chart of EOS/USDT on the Bitfinex exchange. Source: Trading View
I would use 30% of the amount allocated for the investment in the range of $0.7-1.07 with targets of $30-50 and above, without a stop, but with the understanding that the token can completely depreciate. The risk/reward ratio is 1:30.
The other 30%, I would use in the range of $0.30-0.45, and the remaining 30% depending on the situation that develops further.
In total, I plan to have an average entry point of about $0.50 per coin with a potential target of $40-50. Risk/reward is about 1:100.
📣 Major News for $EOS 📣
After over a year of dedicated work by contributors across the ecosystem, #EOS EVM Mainnet Beta is finally live 🚀
Full Announcement 👇https://t.co/ayYqn7V0oo
EVM Web Portal 👇https://t.co/6EHGzEh1b8 pic.twitter.com/W7Rq2jdDZd
— EOS Network Foundation (@EOSnFoundation) April 14, 2023
