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EOS price analysis 18 September: Token’s value follows overall market downtrend

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Peter Terlato
Posted: 18 September 2018 3:39 am
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Most cryptocurrencies are trading in the red today.

Key takeaways

  • 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.

As with most cryptocurrencies today, EOS is losing value at a dramatic pace.

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.

EOS

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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