Just like many other altcoins, EOS has been on a downtrend since yesterday as reported by smartereum.com. Even if the EOS community is under a lot of pressure from critics, it’s important to note that this bleed out isn’t limited to EOS and it may not have anything to do with the EOS platform. Everyone knows that altcoins are children of Bitcoin. So, when Bitcoin bleeds, others follow. At times like this, even good news about development may not influence the price of a coin positively.
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The good thing is that even if EOS is currently bearish, the long-term outlook is bullish. This means that the downtrend is just temporary. The sellers have refused to back off and they keep driving the price below key support levels. If the sellers lose momentum, the buyers will have the opportunity to penetrate the market.
EOS Vs The USD
Yesterday, EOS took a dip against the USD and against Bitcoin. The prices went low into the $5.5 zone losing all the gains it managed to gather during the brief bullish rally. The price charts show that EOS was below the September 21 high volume bar. This is what triggered the losses yesterday. Considering everything, having an all in all position that is conservative is safe as the trends will change depending on how sellers decide to react to the $7 level.
The price chart shows that the $7 level is a strong resistance against EOS. If the sellers push the prices as low as $4, the chances of recovery will be slim. EOS may fall toward $1.5 if care isn’t taking. This is according to the price analysis of Aayush Jindal on NewsBtc.
EOS Price Now
At the time of writing, EOS was trading at $5.39. This indicates a 4.08% rise against the USD and a 3.40% rise against Bitcoin. The trading volume over a 24 hour period is $703,836,902 while the total market capitalization is $4,887,431,958. The next few days of trading will determine if the price action will change or not.