A new week dawns upon the cryptocurrency industry and there is plenty of bearish market pressure to go around. Although there will always be some minor expectations in this regard, it is pretty evident there will be some hurdles to overcome. As of right now, the EOS price faces the most pressure in the top 5. Its losses are not worrisome in the slightest, yet things are not looking too great either.
EOS Price Resumes Bearish Trend
While the world’s leading cryptocurrency is not necessarily losing all that much value, it is evident there is plenty of bearish pressure to keep an eye on. Especially where the other top 5 markets are concerned, the losses are stacking up pretty quickly already. EOS is a good example, as it has lost the most value of the entire top 5 at this time. That loss needs to be nuanced a bit, as the actual decline is not all that steep.
Over the past 24 hours, it becomes apparent the EOS price has decreased by 2.1% in USD value. This negative momentum drives the price down to $3.64, which is not necessarily all that worrisome. In terms of EOS/BTC, things are not looking too great following a 1.78% drop. The 92,700 Satoshi level will seemingly hold true for at least another day, even though it wouldn’t take much additional pressure to shatter that support level.
On social media, there is never a shortage of excitement or developments affecting individual cryptocurrency projects. Whale Alert is an interesting account on Twitter to keep an eye on, although its recent message sparks some confusion. The account claims 1 trillion EOS was transferred from an unknown wallet to another unknown wallet. Since this transaction doesn’t exist – and blatantly surpasses the total supply of EOS by factor 100 – it shouldn’t cause any real panic whatsoever.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,000,000,000,000 #EOS (3,661,729,952,714 USD) transferred from Unknown wallet to Unknown wallet
— Whale Alert (@whale_alert) March 11, 2019
In slightly more tangible news, there is a chance an interesting collaboration between EOS and Wanchain might be on the horizon. More specifically, the WanChain team confirms a new chain bridge will be announced shortly, although no one knows for sure which project will be tapped in the process. EOS is a potential candidate, although there are plenty of other options to take into account as well.
Looks like wanchain is going to connect to either #eos #ripple #litecoin or #binance next https://t.co/w6aFJPdxe6
— @blockworkOrange (@cryptohustlr) March 11, 2019
As has been the case for quite some time now, there will always be arbitrage opportunities to take advantage of. In the case of EOS, there are a few interesting price gaps between some of the bigger exchanges. This will allow for potential profits of up to 1.58%, which is not a bad thing by any means. Even if the EOS value were to turn more bullish or bearish, these gaps will most likely remain in place for some time to come.
#EOS
Buy at #HitBTC and sell at #Bitfinex. Ratio: 1.58%
Buy at #Poloniex and sell at #Bitfinex. Ratio: 1.48%
Buy at #Gate.io and sell at #Bitfinex. Ratio: 1.58%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) March 11, 2019
All of the current market signs indicate EOS will not necessarily recover any lost value until Bitcoin goes in the green again. That in itself is always a worrisome turn of events, although it remains to be seen how long the negative pressure can remain in place. Since no major losses are recorded across any of the top 5 markets right now, it would appear this momentum can turn around on a dime. That will be something to look forward to over the coming hours.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com