It will be rather interesting to see what the future brings for all cryptocurrencies as of right now. While most of the top currencies are still in the green, there is some concern over the momentum running out sooner rather than later. So far, it seems the EOS price will continue to struggle a bit, despite solid gains over the past week.
Can the EOS Price Recover Soon?
As is always the case when any cryptocurrency gains a lot of value in quick succession, there’s a very good chance the momentum will reverse course. In the case of the EOS price, the gains from last week and earlier this week cannot be held onto for that long. After hitting $22.66, the EOS price has dropped quite a bit in quick succession.
While a drop from $22.6 to $17..19 isn’t necessarily spectacular, it does show a lot of those quick gains are being eradicated as of right now. This is not because of the Bitcoin price faltering by any means, as it is just the EOS price going down pretty quickly. Last night, there was another 3.74% decline, but that isn’t the most worrisome aspect as of right now.
More specifically, the EOS price decline is mainly fueled by a loss against both Bitcoin and Ethereum. Although the loss against Bitcoin was “just’ 8.34%, the drop against Ethereum was a lot steeper at 11.34%. Keeping all of this information in mind, it is only normal the EOS price is dealing with some setbacks as of right now. It’s possible this momentum will remain in place for some time to come, especially if both Bitcoin and Ethereum continue to rise in value.
One thing working in favor of EOS is how the trading volume is still in place. Although it is slightly down compared to previous days, generating nearly $2bn in 24-hour trades is nothing to sneeze at either. Even so, the slight decline in trading volume, and the losses over both Bitcoin and Ethereum may push the EOS price down to $16 or potentially lower in the next few hours.
With OKEx leading the trading volume right now, an interesting situation ensues. Its lead over Huobi and Bithumb is not that big, but it is still there. Upbit and Bitfinex complete the top five, confirming there are three fiat currency pairs on this short list. If money keeps pouring into cryptocurrency at this rate, there is not much to worry about. Even so, it seems EOS is not the default choice for investors and speculators as of right now.
Whether or not the EOS price can remain above $17 for the remainder of the day is very difficult to answer. With things not looking too great right now, it only takes a small bit of panic selling to trigger another big retrace. At the same time, the losses are so small it won’t take much effort to push the price up either. A very interesting market to keep an eye on.