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.
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