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EOS weekly price analysis 21 August: An early wipeout, recovery and weekly gains

Posted: 21 August 2018 7:08 am
News

EOS has experienced an extremely volatile week of trading, losing plenty but gaining more to finish ahead.

Key takeaways

  • 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.

EOS kicked off the week at US$4.67 on Monday 13 August before enduring the market-wide "bloodbath" and descending to a weekly low of US$4.31 that same night.

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.

EOS

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.

Bitcoin vs EOS: A feature by feature breakdown

EOS was awarded the most points (104.3) in the category of technology, thanks to its proof-of-stake algorithm.

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.

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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