The price of EOS is in the double digits for the first time since mid-2018 after a meteoric advance that began in March.
According to data from CoinMarketCap, the 20th cryptocurrency in market value is currently above $ 9.50. In addition, in the last 3 days alone, the cryptocurrency has already appreciated by almost 100%.
According to analyst Osato Avan-Nomayo, there are three reasons that explain this upward movement in crypto.
In addition, the trader Wellington Silva explains that EOS can seek its old maximum, at US $ 24. However, this would not be the end, and EOS could reach US $ 40.
EOS can fetch $ 24
Wellington Silva is the trader behind WS Trader VIP, a service specialized in cryptocurrency investment strategies.
For Wellington, who has been observing EOS for some time, he is on a “new level” after valuing 280% in 2 months.
At this new level, the trader argues that the cryptocurrency still has the strength to seek the zone between US $ 22 and US $ 24. In reais, the levels correspond to R $ 115 and R $ 126 in the current dollar exchange rate.
However, this would not be the end of the recovery. Wellington stipulates that if EOS breaks its historic high, the hike should only end at $ 40.
Reasons for discharge
Firstly, he pointed out that the current advancement of EOS is taking place at the intersection of two exclusive pricing trends.
On the one hand, the EOS / USDT trading pair is at its peak in 2021. Meanwhile, the price of the token against Bitcoin (BTC) has dropped to its lowest level in three years.
As explained by the analyst, these facts show a strength of the bulls in the EOS negotiation, driven by the boom altcoins.
Second, Avan-Nomayo stressed that Bitcoin’s dominance continues to fall amid altcoin gains. Thus, tokens with high market value are rising.
As examples, he cited the cases of Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK) and Polkadot (DOT) that experienced rapid price increases.
“EOS is following the pattern, gaining enough momentum to show significant price action strength over Bitcoin,” he said.
Finally, he explained that another likely reason for the rise is the recent announcement of staking rewards. After all, the EOS community is considering a proposal to increase staking rewards.
“The proposal could be the next major development on the EOS network after the PowerUp model, which allows users to pay a one-time transaction fee for 24 hours,” he said.
Thus, the analyst pointed out that these three factors may also help to hold back the bullish momentum in the EOS, while Bitcoin skates trying to reach $ 60,000 again.
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