EOS Has Fallen By 65% From April’s High, Will The Altcoin Recover?

EOS is one of the most promising blockchain projects in recent time. The network is at the verge of solving issues regarding security, scalability and decentralization. Even with the issues the network has faced in the last few months, it remains a robust network that will handle the challenges and correct its course. EOS fell by 65% from its April high. As the 5th cryptocurrency in the market per market capitalization, EOS has a market capitalization of about $6.13 billion. Within the last 24 hours, the cryptocurrency has recorded a trading volume of $911 million.

Will EOS Recover?

When EOS went live on the 14th of June, the cryptocurrency was about $5.74 per unit. Faced with issues from one side of the industry to the order, EOS has been on a rollercoaster ride. One of the most recent issues the platform is facing is the outrageous hike in RAM price. In July, the RAM cost went as high as 900EOS/MB. This was a big challenge because the community depends on RAM for a lot of things including creating new accounts. However, the market has settled since then.

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EOS Price Today – EOS / USD

Name Price24H (%)
EOS (EOS)
$5.26
-3.25%

Creating accounts on the network is more challenging now and it has been a cause for concern in the community. Interacting with dApps is still expensive. The good news is that some of the EOS block producers, about 15 out if 21, have approved a the provision of double RAM supply which will subsequently lead to a decrease in RAM cost.

The network data for the 31 days EOS price analysis is limited because of the recent token swap. The current figure of the Kalichkin NVT is 17.30 within the last 30 days. The inflection points may be leading indicators of a reversal in the value of EOS. There is clear downtrend in the NVT and this suggests that EOS is undervalued. This is also a bullish price indicator.

While things are relatively rough for EOS, the project is still rather promising and there is the possibility of an upward correction.


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