The EOS price is down by 2% in today’s trading session. The drop follows three days of strong and aggressive bullish moves that have resulted in the cryptocurrency going up by 25 per cent.
The EOS platform has continued to gain traction, with many blockchain investors pointing out its functionalities, such as enabling developers to host and run decentralized applications (dApps). In addition, the platform’s support for secure access and authentication, permissions, data hosting and communication between dApps and the internet has also seen investors come into the platform.
In fact, during its launch, it raised one of the largest sums of money for an initial coin offering at the time, after investors put in $4.1 billion, which was to be handled by Block. one, the platform’s parent company. Today, EOS continues to be among the largest cryptocurrency projects and is ranked number 44 with a market capitalization of $1.2 billion.
Since July 13, EOS has been in an aggressive push to the upside, rising by over 50 per cent and reaching a price high of $1.35 during yesterday’s trading session. However, prices are down by 2% in today’s trading session. The session also looks poised to continue dropping, likely wiping out yesterday’s price gains.
Despite today’s drop, my analysis expects the prices to recover in the coming sessions and EOS to hit the $1.41 resistance level. There is a high likelihood that the prices will continue moving up until EOS hits the $1.5 price level.
However, should the price continue dropping and hit this week’s opening price of $1.20, my bullish analysis will be invalidated. At that point, there will be two likely scenarios, the EOS will start trading either in a sideways market or aggressively downwards. A push to the downside will indicate a likelihood of prices falling below $1 again.
This post was last modified on Jul 29, 2022, 15:38 BST 15:38