Several Nations Prefer Smart Contracts than BTC – The Risk for Price Decline in High for ETHMarch 23, 2019
Proof of Stakes based projects has been a major trend in the cryptocurrency space. Well known cryptocurrencies like EOS, DASH, and TRON make use of POS.
The year 2019 is expected to be the major timeline for several other POS projects, which are all set to be launched this year.
As a part of the consensus mechanism of the network, the participants have to prove that they own a certain number of coins.
The overall supply for the staked coins has already reached 47% with EOS. Per calculations from Diar, EOS is the most staked coin in terms of dollars with $1.8 billion in USD. DASH is the next in the line, with $309 million in stakes in Cosmos. The funds of DASH are worth $4 billion.
The open source digital currency DASH run by master nodes is worker friendly as they provide for rewards and recognition for the miners. Built on the core code of Bitcoin, DASH is expected to trade to a peak price range at $161.94 this year. In 5 years, it is predicted that DASH might touch $700. At the time of reporting the news, DASH was trading at USD 91.88.
The mainnet launch of EOS met with hiccups due to low staking issues, and now they represent half the staked value in the POS blockchain.
The EOS has an overhead resistance at $3.8723, and its failure to break out of the resistance level is not an excellent sign. The bearish trend will likely sink the digital currency down to the 50-day SMA. A range formation is expected for EOS in the near term.
MIT is currently working on a cryptocurrency type that is based on PoS. ETH the largest of the Altcoins in terms of market cap will be transferring to the protocol by 2021.
Technically, ETH is all set to continue with the upside risk in a familiar range. It recovered from the $132 support level and traded above #$134 versus the dollar. The upside continues to be capped despite the price clearing the resistance levels at $135 and $136. The price is likely to drop back to $135 near the $138 level.
Currently, the price is at the $137 resistance level. Selling might pick up at $137 and $138 levels. The next significant resistance is expected to be at $140. The $140 price range prevented profits on several occasions. There is a concern if Ethereum will fall hard from this price level. Considering the use cases of different tokens, several nations prefer smart contracts than BTC.