EOS price is in a recovery mode after it had a very strong performance in August. The token rose to $1.5, which is slightly below this week’s high of $1.9455 and 84% above the lowest level in August. As a result, its total market cap of over $1.5 billion.
Is EOS still a good buy?
EOS had a strong performance in August after a series of positive news from the developers. First, a New York judge nixed a proposed $27.5 million settlement by Block. The settlement was about the company’s $4 billion Initial Coin Offering (ICO), which regulators said should have been classified as a security.
The other biggest event that pushed EOS price higher was the upcoming network hard fork that will see the network cut ties with Block. The new hard fork, known as Antelope will be a combination of EOS Network Foundation, Telos, Wax, and UX Network.
For a long time, EOS Foundation had complained about Peter Thiel-backed Block.One. The foundation believed that the company of ceasing to support EOSIO-based blockchains, thus putting them in jeopardy, As a result, the foundation took the initial steps to independence after its block producers decided to fund EOS Foundation.
Antelope is a fully reimagined platform that introduces new features like action return values, the ability to retrieve within smart contract the current block and the hash rate, and a new native cryptographic and math functions accessible to smart contracts.
Still, there are several concerns about the future of Antelope. For one, competition in the space has increased rapidly recently, with platforms like Solana, Avalanche, and Cronos taking market share.
At the same time, with the Ethereum merge coming up, there is a likelihood that it will attract many developers in the ecosystem.
EOS price prediction
The daily chart shows that EOS price has had a strong recovery in the past few weeks after these events. Along the way, it has managed to move above the 25-day and 50-day moving averages. It has also formed what looks like a cup and handle pattern and also an inverted head and shoulders pattern.
Therefore, there is a likelihood that EOS will continue recovering as bulls target the next key resistance level at $2.50. A drop below the support level at $1.2 will invalidate the bullish view.