Eos Price Headlines Market Decline
Eos Price Headlines Market Decline
Monday evening cryptocurrency bloodbath has weighed disproportionately heavily on EOS Price, as the fourth-largest cryptocurrency recorded a 12.4% drop against the US dollar � its worst one-day performance since February 24. "Eos Price Headlines Market Decline"
As of the time of writing, the EOS-to-dollar exchange rate (EOS/USD) was trading at $3.290 on the Yahoo Finance index, up 3.94% from the intraday low. Meanwhile, the daily fluctuation pushed EOS Price market capitalization down to $2.95 billion. On Sunday, the eos coin market cap had peaked near $3.25 billion. On a 24-hour timeframe adjusted, volume was close to $1.51 billion, which was approximately 5% of the total cryptocurrency market volume.
In the same timeframe, EOS/USD had traded in a narrow range defined by $3.309 and $3.213. At its current price, the pair is down 30% from its weekly high near $4.52.
Elsewhere in the crypto market, almost all the top Crypto coins are taking losses. Bitcoin Cash BCH and Tron TRX followed EOS closely in terms of depreciation, falling close to 5-6% in a day. Stellar, Litecoin, and Ethereum also slipped 3-5% in the same timeframe. In contrast, Bitcoin, Binance Coin, and XRP depreciated minimally � between a 0.5-2% range.
ARE WEAK FUNDAMENTALS WEIGHING ON EOS?
The Crypto market-wide mood explains that EOS Coin was not the only cryptocurrency asset which fell. However, in contrast to other top Crypto coins, the blockchain asset attracted the maximum negative attention on Monday. While there were technical reasons behind at play, it was the fundamental reasons that maximized EOS losses.
The biggest crypto news headlines to hit the EOS price market was of a blacklisted account that reportedly stole 2.09 million EOS, which was close to $7.26 million at the time of the theft. It was the 2nd time since December 2018 EOS price faced a security issue that required block producers to censor an account. Earlier, hackers had reportedly stolen 400,000 tokens.
Soon after the reports of $7.26 million hack went to press, EOS/USD crashed 22.5% in a day. From the technical prediction perspective, the pair formed a giant bear pole. Later, pair underwent a sideways consolidation period, creating a bear flag price pattern on low volume days. However, today Eos broke further down after validating the bearish flag, establishing yet another bear pole and confirming the interim downtrend.
Coming back to technical fundamentals of EOS, top investors may have shorted EOS the most after they found that the blockchain project, compared to its competitions, was developing at a slow speed. CryptoMiso, a portal network which tracks blockchain projects� development activity, reported a decline in EOS commits on GitHub in the last three months.
A commit signifies developer team� proposals to improve the blockchain technology in concern. If the core likes a commit, they integrate their code in the next upgrade of the project. Typically, a healthy number of commits signifies steady EOS development.
he EOS Market Decline has located a support level near the 50-period daily moving average curve (indicated in purple). To the upside price, the 200-period daily moving average is capping the bullish pattern attempts from flourishing. An extended selling action could have EOS/USD pair break the 50-EMA to target the ascending channel�s support as a potential short target. This lower price trendline has provided support to EOS downtrends on multiple occasions, so its relevance is higher in the context of current price action.
Conversely, a bounce back could allow EOS to retest the ascending channel resistance while targeting the 200-SMA as a potential long target.
