Cryptocurrency traders all over the world are pleased to see the markets heading back in the right direction. This is good news for currencies which lost a lot of value recently such as EOS. More specifically, the EOS price dipped all the way to US$8 after setting an all-time high at US$18.05 not that long ago. Reclaiming this lost territory will not be an easy feat, but it seems the EOS price is slowly moving back up as we speak.
EOS Eyes $15 Target
One of the golden rules of cryptocurrency is that one should never panic sell unless they are in profit. Anyone falling victim to panic selling at a loss is throwing money away. Cryptocurrency markets are inherently volatile, and every big rise is followed by a big dip. That dip is then followed by another steady rise virtually every single time. The EOS price is no exception in this regard, even though a drop from US$18 to US$8 is quite steep.
There are people who sold EOS at US$8 or slightly higher just a few days ago. Had those people held their coins, they could have now sold them for US$14.40 each without doing anything but being patient. Everyone with a brain knew that all cryptocurrency markets would recover, regardless of what the Bitcoin price happened to be. In the case of EOS, its price is only US$4 removed from the all-time high, having recovered over half of the value lost in just two and a half days.
Every time someone sells cryptocurrency, there is someone else buying it for that same value. Anyone who bought EOS below US$10 will have greatly profited already, and it seems there is a lot of room left for future gains as well. Although reaching a new all-time high may not happen quickly, it seems the EOS price is poised to do so at some point in the very near future. Reaching a value of US$20 isn’t unfeasible whatsoever, but the markets will remain unpredictable first and foremost.
Additionally, EOS has seen over US$2.18 billion in 24-hour trading volume, which is rather impressive. A lot of altcoins would give an arm and a leg for this kind of volume, but EOS seems to have generated it without too many problems. If this trend keeps up, we will see the EOS price surpass US$15 rather soon, and its market cap will eventually start to climb toward US$10 billion again. It’s a very interesting situation well worth keeping an eye on.
Not surprisingly, the vast majority of EOS’s 24-hour trading volume – over 64.7% of it – comes from the Bithumb exchange. Because that exchange is virtually irrelevant to the rest of the world, Huobi is the busiest exchange for Western traders. Its volume is very similar to that of Bitfinex and Binance. Of these three platforms, Bitfinex is the only one with an actual USD pair to inject fresh capital into this altcoin. It is good to see a USDT pair in there as well, though.
For now, it remains unclear what the coming days will bring for the EOS price. An increase seems likely if this trend keeps up, but we may very well see a major retracement affecting all cryptocurrencies come Monday. It is almost impossible to make any sense of the cryptocurrency markets right now, even though the momentum is clearly bullish for now. It’s not unlikely that EOS is one of the first altcoins to set a new all-time high after the recent Big Dip.