EOS weekly price analysis 28 August: Coin’s value jumps due to US$1 million whale
The coin's price fluctuated to some degree throughout the week and the price jumped up after a big buy.
Key takeaways
- EOS had a relatively stable week of trading.
- Trading volumes slipped down week-on-week.
- A US$1 million order for EOS was recorded on Monday 27 August, pushing up the coin's price.
EOS experienced a relatively stable week of trade, beginning at US$5.07 on Monday 20 August, rising to a weekly high of US$5.27 on Tuesday 21 August and crashing to a weekly low of US$4.61 by the afternoon of Wednesday 22 August.
From there, the cryptocurrency made steady, albeit fluctuating, gains over the next few days, ascending as high as US$5.08 on Friday 24 August. The coin lost some steam over the weekend but as of Monday 27 August, the token's value has shot back up over US$5.00.
At the time of writing, EOS was worth approximately US$5.17.
24-hour trading volumes fell from US$560 million to US$482 million over the last seven days of trading.
Stocks Gazette reports that the overall cryptocurrency market continues to rise despite the recent China ban. The publication deemed EOS as the big winner in early trades this week, up nearly 5% in less than 24 hours.
FX Street analysts suggest that the EOS/USD pair has been "contained within a descending channel formation". This pattern started about 10 days ago, following price highs, before sellers began bailing at around US$5.64.
CryptoGlobe analyst Azeez Mustapha advised traders to be patient as EOS ranges – a breakout or breakdown.
A Binance trader bought up US$1 million worth of EOS tokens on Monday 27 August. This trade sent the price of the token soaring, helping it to regain some of the value lost over the course of the past week.
Someone just bought >$1M of $EOS at $5.17 on Binance.
— Ashe Oro (@Ashe_Oro) August 27, 2018
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