Is EOS Coin a Good Investment Option for the Long Run?

EOS is a blockchain platform to develop decentralized applications similar to Ethereum technology. Many followers of the EOS platform regarded it as the Ethereum Killer. It makes the process very easy and provides an operating system for this set of services and functions. 

The EOS network aims to provide all the features of different smart contract technologies such as Bitcoin-like security, the computing support of Ethereum, and many others.  

Besides that, it also has a feature of scalability, which most of the popular cryptocurrencies lack. It can handle thousands of transactions per second and provide many services related to decentralized applications such as authentication, server hosting, and cloud storage. 

EOS network provides a full-featured authentication system that offers secured user accounts and different permission levels. You can store user data on a local machine of the blockchain. You have different options to provide your identity to restore compromised accounts in some adverse situations. 

Hosting and storage are integral parts of decentralized applications, and this network provides server hosting and cloud storage. As a developer, you have access to analyze the usage for storage and bandwidth, and you can set the limit of a specific application on the EOS network.

Moreover, it offers free-to-use applications allowing companies to come up with their monetization strategies. That means end-users do not have to pay the EOS network for using the application on the blockchain, and the app developers will determine the transaction fees. 

EOS is the native token of this network, which is used to pay fees for these services.

At the time of writing this analysis, EOS is trading around $1.96. On the daily chart, it is in a downtrend, and most of the technical indicators are bearish. The MACD, RSI, and Bollinger Band suggest further downfall. Indeed it has broken the support level, so we cannot identify the next support level of this chart. 

Interestingly, the Bollinger Band lacks volatility, but candlesticks are forming in the lower half, so we cannot suggest buying for the short term as per the current trend and EOS price prediction. However, for the long term, we should consider the weekly chart. 

After reaching an all-time high of $14.55, it has been in a downtrend. Most of the popular technical indicators like MACD show bearishness, the RSI is in the oversold zone, and candlesticks are forming in the lower half of the Bollinger Band. We think it is not a good time for investment also for the long term.  

Traders should do their research before investing. And it is better to invest for the long term with a target price of $3, but we do not suggest now until it shows any bullishness.