EOS price weekly analysis 27 July: Ups and downs balance out for EOS over the last week
While the value of EOS has fluctuated, it keeps settling around the $8.00 level.
- EOS has settled around the $8.00 level.
- Traders are relatively quiet.
- Development updates on the EOS platform suggest an interesting future.
EOS went up. Then EOS when down. By the time the last seven days of trading ended, the market's fifth most valuable cryptocurrency by market capitalisation had moved slightly downwards by a paltry $0.09 to finish the week at $8.31.
Trading volumes over 24 hours fluctuated wildly, from lows around $460 million to 1.1 billion. That's a long way from the near $5 billion volume we saw in late April when EOS was trading at around $22.50.
But the current trading pattern like the decline we saw through May and June has been arrested. Although there have been plenty of small upwards and downwards movements over recent weeks, they have rested in a relatively narrow band around $8.00 suggesting that's the long term support level.
Coin Telegraph backs that view, saying EOS continues to consolidate between $6.89 and $9.44. They suggest that a break upwards will bring the coin back to around $11.64.
The challenge for EOS is sustaining a break above that $8.00 level according to Stocks Gazette. Reflecting what we've seen over recent days, whenever EOS breaks out towards $8.50, it pulls back to $8.00.
Over the last week or so, EOS has announced an update to its developer platform. While some of the changes will only be meaningful to software developers, others may be of greater interest. For example, support for hardware wallets is improving as is support for the iOS Secure Enclave. This is a hardware feature in Apple's mobile devices that support TouchID and FaceID. It means those devices could be used to validate transactions and securely store wallets using the EOS platform.
Over time, there will be increasing developer and institutional support for different coins. This should result in the number of different coins reducing as cryptocurrencies with less support can be expected to diminish in value. That's why tracking developer news and emerging partnerships, as well as the activities of traders, is important.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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