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EOS price prediction after the spectacular comeback

 


EOS price has been in a strong uptrend for the past few days as the altcoin rally continued. The coin is trading at $2.41, its highest level since Feb. 17. It is up over 30% from its lowest point this month. As a result, the total market cap has grown to over $2.4 billion.


EOS and altcoins are recovering

EOS is one of the largest blockchain projects in the world. It has had a turbulent past since it was built by Block.one, the same company that raised the most funds in its Initial Coin Offering (ICO). It raised over $4.4 billion and was later sued by the Securities and Exchange Commission (SEC).


EOS aim is relatively simple. Developers hope it can be adopted by other developers of decentralized applications like in the DeFi and NFT industries.


However, most analysts believe that EOS has not lived up to its original promise. For one, its ecosystem is relatively empty because most developers haven't taken to it well. In fact, it's almost impossible to name some of the apps that have been created using its platform. A quick look at DappRadar reveals that most of its apps have little or no activity.


One of the main reasons why EOS is lagging behind is that competition in its industry has become significant. For example, there are newer projects like Terra, Solana, and Avalanche that are making strong competition for Ethereum.


Most developers prefer these platforms because of their speed, power efficiency and the fact that they are easy to build. In fact, the CEO of the EOS Foundation said in a statement last year that he believed the platform was doomed.


It is unclear why the EOS price rises on Tuesday. One possible reason is that the performance is in line with other popular altcoins like Ethereum Classic and Elrond.


The four-hour chart shows that the EOS price has been in a strong uptrend for the past few days. On the way, it has moved above the key resistance level at $2.30. It has also moved above the 25-day and 50-day moving averages and above the 61.8% Fibonacci retracement level.


Therefore, there are chances that the coin will continue higher as the bulls target the next key resistance level at $2.60.

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