There’s always a good chance of momentum to reverse when any cryptocurrency gains a significant amount of value in quick succession. On account of the EOS price, the gains from a week ago and recently can’t be held for that long. After hitting $22.66, the EOS price has dropped in a quick succession.
While a drop from $22.6 to $17.19 isn’t really surprising, it shows a lot of those quick gains are being removed at the moment. This isn’t because of the Bitcoin price is unstable, as it is only the EOS price going down pretty fast. Last night, there was another 3.74% decline, yet that isn’t the most troubling aspect at the moment.
EOS price decline is mainly caused by a loss against both Bitcoin and Ethereum. In spite of the fact that the loss against Bitcoin was only 8.34%, the drop against Ethereum was steeper at 11.34%. Remembering all this information in mind, it is just typical the EOS price is dealing with some setbacks. It’s also possible that this momentum will stay place for a while, particularly if both Bitcoin and Ethereum keep on rising in value.
One thing working for EOS is the way the trading volume is still in place. Despite the fact that it is slightly down contrasted with earlier days, creating about $2bn in 24-hour exchanges is nothing to bother about. The losses over both bitcoin and ethereum may push the EOS price down to $16 or even lower even though there is a slight decline in trading volume.
With OKEx leading the trading volume right now, a fascinating case ensues. Its lead over Huobi and Bithumb isn’t really enormous but it is still there. Upbit and Bitfinex finished in the top five, affirming there are three fiat currency pairs on this short list. In any case, if money keeps going into cryptocurrency at this rate, there is not much to be concerned about. It seems EOS is not the first choice for investors and speculators at the moment.
Regardless of whether the EOS price can stay above $17 for the rest of the day is really hard to reply. With things not looking awesome right now, it just takes a small bit of panic selling to boost another big retrace. In the meantime, the losses are so little it won’t require much e the price. An intriguing market to concentrate on.