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EOS price weekly analysis 27 July: Ups and downs balance out for EOS over the last week

Posted: 29 July 2018 8:43 am
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While the value of EOS has fluctuated, it keeps settling around the $8.00 level.

Key takeaways

  • 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.

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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