EOS Network Foundation (ENF) confirmed that Antelope would be the underlying protocol for the EOS blockchain. It is a community-run blockchain protocol that includes Telos, WAX, UX, and EOS networks. According to the vice president of ENF, Zack Gall, the hard fork will be completed on the 21st of September, and it is the official date of switching to the Antelope protocol.
Last year, Block.one stopped supporting the EOS blockchain; as a result, ENF started to develop a new protocol. ENF decided to fork the EOSIO code with new features. Antelope is the final hard-forked version, and it is already running on the testnet and will be launched in September.
What is Antelope?
It is a community-run code base that uses delegated proof of stake consensus. DPoS is a concept where users on this network vote to elect delegates to validate new blocks, and delegates are also known as block producers.
Developers can use the protocol for different applications such as decentralized finance, supply chain management apps, non-fungible tokens, and gaming platforms. It also offers upgraded software development kits (SDKs) and enables peer-to-peer code improvement for a better user experience.
It is tough to predict how the EOS price will react after this hard-forked version. EOS has been on a roll with new updates, and it has recently released its first candidate for Docker Utilities for Node Execution (DUNE) version 1.0.0.
Due to such updates, The network is showing positive signs for the 2022 end. It is time to explore the price analysis and start your research before investing in EOS for the long term.
EOS Price Analysis
At the time of writing, the price of EOS is trading around $1.444, but $1.96 will be a strong resistance level. The price might fall further after hitting the resistance.
On the daily chart, candlesticks are forming in the upper range of the Bollinger Bands with bullish MACD and RSI, which suggest a short-term uptrend.
We think it is a good time to invest for the short term with a target of $1.90. However, you should not forget about the possible downtrend, and you need to control the quantity.
Overall, the long-term chart is in a downtrend, and it is not the ideal time to invest for the long term. The last weekly candle has not crossed the baseline of the Bollinger Bands decisively, which means the next weekly candle can be red, which will take support around $1.20 for the short term. If the possible next red candle breaks the support or forms two red candles in the next two weeks, then that will be a sign of a downtrend.
On the other hand, if it crosses the baseline in the next two weeks, then it will move upward to $1.9. It is riskier than other cryptocurrencies, especially during and after the release of a hard-forked version. Invest only the amount you can afford to lose. Please follow our website to get the latest update on EOS.
