On Tuesday, the EOS price prediction appears bullish, as EOS/USDT has surged 35.96% in seven days to cross $1.4232, the triple top level. The EOS/USDT pair opened at $1.8360 and ranged from a high of $1.8880 to a low of $1.17110 during the day.
The currency also formed a wide wedge, implying that EOS’s previous bearish price theory was no longer valid. A rise above $1.8880 can push the EOS/USDT pair above $2, the coin’s overhead resistance.
Let’s delve deeper and look at EOS’s fundamental and technical outlook.
The EOS Network Foundation (ENF) began accepting applications for its upcoming Yield+ incentive program on August 14. Yield+, a liquidity incentive and reward system attracts decentralized finance (DeFi) apps that generate returns for their customers.
In this way, the service competes with the major blockchain rivals in the DeFi market, namely Ether, Cardano (ADA), and Solana (SOL). Furthermore, since the start of Yield+ registration, the total value locked (TVL) inside the EOS pools has risen, indicating a brief increase in token demand.
The Yield+ Launch Is Imminent!
Designed to build economic activity on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.
August 14th — Registration opens
August 28th — Rewards for TVL begin
Get all the details here:
➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I
— EOS Network Foundation (@EOSnFoundation) August 10, 2022
According to reports, the TVL may rise in the days leading up to the incentive’s activation on August 28. The increase in TVL benefits the EOS/USD because it increases coin demand, which drives the price.
EOS Hard Fork
According to Yves La Rose, the network will release the Mandel v3.1 consensus update in September. Furthermore, EOS will be renamed EOSIO later this week. The rebranding and upgrade symbolize EOS’s symbolic separation from Block. One is due to concerns about malpractice. Block. One is the company that developed the EOS network.
This week we are revealing the highly anticipated EOSIO rebrand, and next month, $EOS will activate its v3.1 consensus upgrade (hardfork).
Here’s what you need to know about #TheNewEOS.
— Yves La Rose (@BigBeardSamurai) August 15, 2022
A hard fork usually causes the chain to split, with EOS holders receiving an equal number of tokens from both halves. The September event, however, is unlikely to yield a new token. Furthermore, the EOS hard fork, similar to the Ethereum Merge, may garner a lot of attention, assisting in the price increase of EOS/USD.
EOS Network Foundation Members Switch to CPA
The EOS Network Foundation (ENF) announced on August 17 that Antelope, a community-run blockchain technology, will be the foundational protocol for EOSIO-based blockchains. Antelope will also be promoted by ENF members EOS, Telos, Wax, and UX Network. Previously, Yves La Rose predicted that the EOSIO would undergo a rebranding process, resulting in an EOS hard fork.
According to Zack Gall, vice president of communications at the ENF, the EOSIO blockchain code will undergo a hard fork on September 21, signaling the formal transition to Antelope. As a result of the hard fork, all network nodes will need to be updated to continue using the new protocol.
Furthermore, in a press release, Yves La Rose, CEO and executive director of the EOS Network Foundation, stated his thoughts. He claims the team is united around the Antelope protocol and builds on more than four years of battle-tested code and aggregate intelligence.
EOS Price Prediction – EOS Struggles Under $2
The EOS/USDT pair is trading strongly bullish, surpassing the $1.4210 mark. On the daily timeframe, this level was extended by a triple top pattern and acted as a strong resistance. A break above this level and a candle closing above $1.4210 increase the chances of a bullish trend continuation.
EOS has closed bullish engulfing candles on the daily timeframe, indicating that investors have a strong bullish bias. As a result, we can anticipate an upward trend in EOS. However, the coin is immediately facing resistance at the $1.925 level. A surge in EOS demand could pierce the $1.925/2 resistance levels, propelling the EOS price to the next major resistance level of $2.30. If EOS’s price rises above $2.30, it may reach $2.80 or even higher.
EOS Daily Price Chart – Source: Tradingview
On the downside, EOS may find immediate support at $1.4210. A break below $1.4210 may allow for additional selling until $1.20 or 0.86 is reached. Leading technical indicators like the RSI and MACD are pointing to a buying trend. The RSI is hovering around 69, and the MACD is also forming histograms above zero, indicating a strong uptrend.
At the same time, the 50-day EMA is around 1.20, indicating a bullish trend in EOS. As a result, the EOS price prediction remains bullish, particularly above $1.4210. Therefore, a breakout of $2 will signal the start of a new uptrend.
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