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EOS price analysis 26 September: Token’s value drops as bears dictate market moves

Posted: 26 September 2018 4:14 am
News

The coin's price is suffering as the market turns sour.

Key takeaways

  • The top ten digital currencies are experiencing negative volatility.
  • EOS trading volumes have increased in the last 24 hours, up 15%.
  • Four Block.one employees, who helped launch EOS, have left the company to start a new blockchain project.

The price of EOS, like most cryptocurrencies, is doing it tough today. At the time of publication, the coin had lost almost one tenth (-9.8%) of its value in the last 24 hours of trading. EOS/BTC had also weakened (-7%).

EOS

EOS was priced around the US$5.80 mark yesterday morning. However, it has been gradually losing value ever since, falling to US$5.68 by the close of trade. The coin fluctuated lower overnight, sinking as low as US$5.13 before regaining a little value during the early hours of trade today. It climbed back up to US$5.21 but has been trading sideways ever since.

At the time of writing, EOS was valued at US$5.18.

24-hour trading volumes have risen significantly (15%) from US$654 million yesterday to US$756 million today.

Forex Crunch reports that bear traders managed to find an entry point following a strong bull run leading up to last weekend. Bulls failed to clear the resistance at US$6.20 and the current selling pressure has caused them to give up "lifesaving" support at US$5.80 and US$5.20, respectively.

CryptoGlobe suggests that the token is "back in a bearish trend in its medium-term outlook".

Coindesk reports that David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer have resigned their positions at Block.one, EOS's parent company, to undertake a new venture of their own known as StrongBlock.

Moss had been senior vice president of technology operations; Cox was vice president of product; Abramson was vice president of infrastructure; and Lederer held the position of senior director of technology products.

"We left because we saw a need in the blockchain marketplace that Block.one was not going to address," one of the former Block.one employees, who left the company earlier this year in summer, reportedly told Coindesk.

You can 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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