EOS weekly price analysis 21 August: An early wipeout, recovery and weekly gains
EOS has experienced an extremely volatile week of trading, losing plenty but gaining more to finish ahead.
- EOS was battered and bruised at the beginning of the week but has since recaptured and gained value.
- Trading volumes remained relatively stable over the past seven days, jumping up significantly on 17 August.
- China has ranked EOS as the leading blockchain network globally, again, outpacing bitcoin and ether.
However, from Tuesday 14 August, the cryptocurrency stirred up a spectacular recovery, with the price fluctuating madly until Thursday 16 August, when EOS's value skyrocketed (up 24% in 24 hours) to a lofty, weekly high of US$5.60.
The token lost some value over the course of the weekend, as the coin's price continued to swing up and down.
At the time of writing, EOS held a value of approximately US$5.10.
24-hour trading volumes fell by a little over one tenth (12%) week-on-week, from US$666.5 million to US$585.1 million.
FX Street analyst Ken Chigbo said that EOS lost about 4% in the first day of trading this week and that the EOS/USD price is "moving within an ascending channel", despite the bears being in control of the market.
"After bullish movement last weeks, EOS may rise higher and retest resistance," according to Blokt analyst John Lee Quigley. "But in the near term, further price drops are likely to be in store."
China Electronic Information Industry Development Research Institute and the China Software Testing Center have released annual cryptocurrency rankings, placing EOS at the top of the charts, for the second year running.
The rankings were determined by professors and researchers from educational institutions such as Beijing University and Tsinghua. Ethereum (#2), NEO (#5), Stellar (#4) and bitcoin (#10) also achieved high rankings.
EOS was awarded the most points (104.3) in the category of technology, thanks to its proof-of-stake algorithm.
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