EOS price analysis 18 September: Token’s value follows overall market downtrend
Most cryptocurrencies are trading in the red today.
- The price of EOS has been crushed in early trading.
- Trading volumes have risen significantly, up by more than one quarter since yesterday.
- One analyst suggests that the coin's price is at the end of a "W" pattern and may rise this week.
During the early hours of trade yesterday, the token was trading around US$5.36. The price of the coin had increased to US$5.46 by lunchtime and continued to trade sideways until the early hours of this morning.
At around 7:00am today, EOS was priced at US$5.33. The token's value proceeded to fall off a cliff, tumbling down to US$4.95 over a short, two-hour period. The coin has since regained a few cents but is currently trading sideways once again.
At the time of writing, EOS was valued at approximately US$4.99 (-6.91% over 24 hours).
24-hour trading volumes have jumped up by more than one quarter (27%) since yesterday, rising from US$477 million to a little over US$608 million.
Forex Crunch reports that the market has been delivering mixed messages as of late. The publication suggests that the primary support for EOS is at US$4.60 but buyers will need to fight to keep the price above US$5.00.
CoinSpeaker reports that EOS's price has been ranging between the support level of US$4.10 and the resistance level of US$6.80 on the daily charts for over three weeks. Analysts suggest that the price is forming the last part of a "W" pattern, increasing the likelihood of the token's price rising towards the US$6.80 resistance level this week.
Check out some of our other pages to learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Ethereum drops 13% but experts are convinced good news around the corner
- Bitcoin price on a knife-edge, as the Death Cross looms
- Bitcoin price drops 10% over the past week: Is another drop coming?
- Ethereum price dips 5% overnight: Here’s what the experts are saying
- Will Ethereum’s price rally ahead of DeFi Summer 2.0?