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.

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.

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.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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