EOS (EOS) – Can It Hit $25 This Month?
Will EOS smash its all-time high price in 2018? All likelihood shows it will, barring a truly calamitous event related to its platform or otherwise. So, can it do a $25 in June?
Will EOS smash its all-time high price in 2018? All likelihood shows it will, barring a truly calamitous event related to its platform or otherwise. So, can it do a $25 in June? Consider recent factors like the upsurge in April, the launch of EOS mainnet, and the expected bullish run for the market.
When these are put together, then the scenario is favoring a short-term run that can easily take the token to prices beyond the $25 in June alone. Beyond that, it would be looking to rally towards predicted price levels of around $40 in July.
The April rally perhaps was driven by the hype surrounding the upcoming Mainnet launch as well as the daily auctions that eventually managed to raise over $4 billion for the developers of the EOS platform.
But what we take from that run is that the community around the platform is capable of galvanizing support and another run is possible. The token managed an impressive +250 percent spike in 30 days, including a one-day price jump of 35% on April 24th.
Its value rose from $6.00 against the USD on April 1 to hit a high of $22 by April 29th. A repeat of that remarkable run can be achieved should sentiment begin to turn north as it appears to be doing. At the current prices, a 50 percent spike will take its value to $21, not entirely out of reach.
The downside was a huge price decline witnessed in the month of May. In the lead up to the EOSIO launch, the expectation was that prices would rally to a new high. That failed to materialize as the bears tore into assets.
The EOS token had dropped by 24 percent to reach a low of $10.53 on May 24th. Negative news just before the launch also affected price movements, but that has since been settled as suspected vulnerabilities were fixed. The sentiment is therefore gradually growing positive day by day.
Incentives for developers on the EOS blockchain
Block.one, the developer of the EOS platform has deep pockets at the moment and has pledged to invest in its development. This was illustrated earlier this week when they partnered SVK Crypto and revealed a $50 million fund for developers seeking to build on the EOS blockchain ecosystem.
A PR by the two said in part that: “It will invest in projects that are building on the EOSIO blockchain platform, with a focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains, and logistics.
This includes established or early-stage companies that have started exploring EOSIO or are building software on the platform”
It’s still early days, but pulling developers is one way of rallying the community and a bullish community may just be what it needs to push the prices higher. Of course, this will also work in tandem with a wider positivity around the general crypto community.
There are question marks over the platform’s governance systems, especially the 21 block producers who are seen as a potential weak link and point of vulnerability. EOS maintains its dPoS (delegated proof of stake) is the best. That remains to be seen, but if all goes as planned, and then reaching higher price values in June won’t be that difficult.
EOS token in June (so far)
On June 1st, the token traded at $12.06 against the USD, a day before the launch of the mainnet. In the next 24 hours, the token surged by 25 percent to reach $15.42. However, negative sentiment hit and prices fell to $12.9 by June 4th.
Today, June 7, 2018, EOS is trading at $13.96 to the dollar. It has touched lows of $13.84 and highs of $14.12 as it struggles to break free. It has dropped by a mere -0.34% in the last 24 hours and gained by +13.46 percent over the last 7 days. Still ranked 5th, it has a market capitalization of $12.5 billion and has seen a total of $1.04 billion worth of its tokens traded in the last 24 hours.
If EOS manages to navigate free of the red zone and picks up a nice trend in coming days, its price could rally. There’s no telling what may happen next, but certainly gaining by 50% in the next 20 days isn’t beyond one of the most exciting blockchain projects. Watch this coin- $25 in June is very much achievable.