Categories: EOS Price

EOS Price Blasts Past $5.5 in Renewed Uptrend

Most of the cryptocurrency markets are looking quite healthy at this time. That may come as a surprise to most, primarily because last week wasn’t looking overly impressive by the time the weekend came around. The EOS price is still going strong right now, as it has successfully surpassed $5.5. Sustaining an uptrend on a Monday will always be a challenge for any market.

EOS Price Needs More Support at $5.5

It is always interesting to see how individual cryptocurrency markets evolve when a new week begins. In most cases, there will be some bearish pressure, although that doesn’t appear to be affecting all markets as of right now. There is always a possibility a bearish trend will materialize in the near future, but for now, most of the top markets remain in the green. EOS is no exception in this regard, as its rise to $5.5 is pretty interesting to keep an eye on.

To put this in perspective, the EOS price has gained 4.58% to rise to $5.54 on this Monday morning. There is also a 2.48% gain in EOS/BTC, as this ratio has now risen to 0.00107 Bitcoin. Both trends are pretty interesting in their own right, although it remains to be seen what the future will hold for this particular market. Other assets and tokens are coming under a bit of bearish of pressure already, yet it remains to be seen how EOS handles this pressure in the coming days and weeks.

On social media, there are always some interesting views on the different cryptocurrencies, tokens, and assets. CryptoTIm is now seemingly convinced Twitter is designed for people so they can keep tabs on EOS related things. It is a bit of a stretch, although one has to keep in mind cryptocurrencies would be less attractive if it weren’t for platforms like Twitter. The real purpose of this social media network is very different,  though, but everyone is entitled to their own thoughts.

Some community members are also getting excited regarding the upcoming Block One event which is taking place during June. Although it remains to be seen if there will be any major announcements, events usually get cryptocurrency users excited in general. Conferences like these also bring the EOS community closer together, which can only be beneficial to the ecosystem as a whole, in the end.

When it comes to looking at the current and future price trend, there are still a lot of questions which can’t be answered right now. Varun Mehra claims EOS is on a bull trend and will continue down this line for some time to come. A bit of an optimistic view when the hourly charts for all markets don’t look too appealing. However, cryptocurrency is an unpredictable industry first and foremost, thus anything can happen in the coming hours and days.

While EOS is still showing some bullish signs, surpassing the $5.5 level will undoubtedly meet some resistance levels in the coming hours. For traders, it is usually all about surpassing psychological barriers first and foremost, and $5.5 is one of those key levels for EOS. The trading volume still looks pretty strong, thus there may not be too much of a dip today. However, everything stands and falls with Bitcoin, and the world’s leading cryptocurrency doesn’t look too strong at this time.


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

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.

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