EOS is trying to become a completely decentralized operating system, where large and corporate applications can be hosted.
Main targets for the EOS are:
1. Smart contracts
2. Decentralized storage
3. dApps environment
The main difference from other cryptocurrencies, is that EOS uses delighted proof of stake as a consensus mechanism that aims to be highly scalable. EOS certainly solves the scalability issue which Ethereum currently faces. This could be very attractive option of developers, but yet EOS has to prove a lot.
Current price action clearly says that there is no demand for the EOS coin as it continues to trade within the . However, rather sooner than later the breakout will occur, and the question is; In what direction?
As it usually happens when everyone is expecting the price to break to the upside, it goes a completely opposite way. Perhaps such scenario will be repeated again. First of all, there is a strong support formed near 80k satoshis, where EOS could be heading right now. Such prediction is based on the oscillator moving pithing the and currently is near the upper . There could be another wave down, that will result in a price drop towards either 78k or 72k satoshis area.
If 78k will hold, the trend might start turning , although to confirm this, 95k satoshis must be broken.
When/if the support is penetrated, EOS/BTC should start trending upwards, where it’ll meet one of the Fibonacci resistance levels, with a final target at 160k.
On the downside, if 69k level will be broken, with a confirmed daily break and close below, scenario shall be invalidated and long term downturn will most likely continue.
In short, price is consolidating, while moving within the . The breakout will occur shortly, but perhaps it should not call for action, but rather than a careful study of the price action.