EOS Price Analysis: EOS Is Recovering Over Its Previous Support Level of $12

EOS is one of the top losers in the digital currency market yesterday May 16, 2018, plunging by over 11 percent within a period of 24 hours. In the last couple of days, the value of the digital currency against the US dollar rejected several major support levels at $18, $16, and $14. The value of the digital currency was supported at $12 on Wednesday, May 16, and it showed signs of declining further before the end of that day.

The Current Value of EOS

After having a very rough trading period on Wednesday, losing up to 11 percent of its value in just one day, and gaining support at the $12 mark, the digital currency showed signs of recovery earlier today. Presently, the cryptocurrency is trading at $13.18 after a 6.7 percent increase in less than 24 hours. It is possible the value could increase further in a couple of days.

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The Consensus 2018 Conference

The Consensus 2018 Conference is in progress in New York City, and over 8,000 people attended it. While speaking at the conference, Jesse Powell – the Chief Executive Officer of Kraken exchange – said that the exchange platform might (under probability) register with the US Securities and Exchange Commission.

He said this as a result of the regular crackdown by regulators into digital currency exchanges, and this has greatly affected the value of digital currencies. Regulation is a very big and sensitive subject in the cryptocurrency market, and it is one of the things that leads to volatility in prices of digital currencies.

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The value of EOS is currently being supported by the 61.8 percent Fibonacci retracement level with the previous decline from the high of $23 to the low of $5.9 near $12. The value of EOS against the USD is psychologically eyeing the $15 mark, but it’s having difficulties breaking its resistance level at $14.

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