EOS price analysis 26 September: Token’s value drops as bears dictate market moves
The coin's price is suffering as the market turns sour.
- 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 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.
- Ethereum within 2% of new all-time-high price as another global brand adopts NFTs
- Bitcoin’s stagnation is alarming and could be followed by more bearish price action
- Ethereum’s price rallies after adoption by a major Gulf State
- Bitcoin price is starting to look choppy and the US Fed may make it worse
- Ethereum’s price action heats up with overnight gains of 8% – here’s why ETH may surge further