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.
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