As the greek mythology EOS just woke up at the dawn and now it's seeing the bright days.
It's very interesting when you see a very promising crypto currency with an amazing platform to not perform well.
EOS is a blockchain platform which is meant for development of decentralized apps or (dApps) pretty much like Ethereum but better, faster and cheaper. In fact when we talk about cheap....EOS doesn't charge anything and their vision is to make millions of transactions without the need to pay micropayments and stuff. In theory is pretty much the UTOPIA of crypto world.
A crypto platform as EOS should have exploded just like Polkadot did this year. But instead they were sleeping for quite sometime. The worst thing is that it has a pretty big market cap, around 4.6 Billion dollars. With all that money I guess they should be performing better than they did.
But maybe, just maybe the reason why they didn't perform better wasn't because they were not working on their projects or the projects was crappy...but it was because of this:
"In September 2019, block.one agreed to settle U.S. Securities and Exchange Commission charges related to the $4 billion unregistered ICO for a $24 million penalty. The settlement did not require a restitution offer, registration of tokens, or any disqualifications"
This is a really strong punch for a company that is just two years old, and I'm not talking about the money that they had to pay but the amount of the investors that this thing pushed away.
In business all it takes is one small "mistake" just like not registering $4 Billion ICO (this is actually quite similar to Ripple) and you will be looked as a jinx by all investors. EOS is a great platform, but previously they hit themselves without a reason...or the reason was to get rich fast.
We have a strong bullish flag that has been broken and now it retested a very strong Resistance zone. As you can see area 4.09 is where my limits were.
As we explained the big picture, let's take a closer look.
You can see that price broke the trendline and gave confirmations that 4.772 area is holding well.
What do I expect in the short term!
I expect price to touch 5.5 today or tomorrow. That would call for a small Take Profit move.
What do I expect in the long term
As you can see I do have my retest in the 4.08 area and I do expect price to reach 8.05 quite soon. Which would complete the bullish flag pattern. It all depends on how price will react when it reaches this area but in the next two years I think that EOS will reach 11$.
What are your thoughts?