Most of the positive momentum forming across different cryptocurrency markets earlier today has completely evaporated. The coming week will be another tough nut to crack for Bitcoin and the thousands of alternative cryptocurrencies. The EOS price is already feeling the pressure, as it is on the verge of dipping below $5.
EOS Price Comes Under Pressure
Given the current cryptocurrency market conditions, it is not all that surprising to see the altcoins suffer from more bearish pressure. The EOS price is already feeling this unwelcome pressure, as its value will seemingly drop below $5 fairly soon. If that happens, it would cap off a week of steep setbacks, and potentially trigger an even bigger panic selling spree in the process.
Over the past 24 hours, the EOS price has lost another 3.09%. This is not the biggest setback the altcoin has faced in the past year, even though its value is reaching a low point not seen since early 2018. Similar to other altcoins, it appears the EOS price will return to its 2017 levels prior to crazy market swings trigger new all-time highs for most currencies.
Unfortunately for EOS price speculators, there is also another setback in the EOS/BTC ratio. Thanks to another 2.61% decline in this ratio, there is no relief for the EOS price in sight. Instead, there will – most likely – be another onslaught over the coming week. It will mainly depend on how the Bitcoin price evolves.
Despite today being a Sunday, there is no shortage of EOS trading volume to speak of. With $620m in 24-hour trades, things look rather impressive, despite the market clearly being controlled by sellers rather than buyers. If this trend keeps up, it is not unlikely the EOS price will drop below $5 before today is over. That can have all kinds of catastrophic consequences next week.
OKEx is leading the charge in terms of EOS trading volume. It is uncommon to see three USDT pairs in the top three, but that is the current situation users have to deal with. Huobi and Binance complete the top three in this regard. Huobi also has a BTC and ETH pair in the top five, further indicating how this altcoin is popular across just a few trading platforms.
Whether or not there will be any EOS price improvement over the coming hours, remains to be seen Based on the current momentum, it seems plausible to assume all altcoins will bleed a bit more. Once fiat currency deposits begin to clear across trading platforms tomorrow, the situation may start to look up. That doesn’t necessarily mean the EOS price will go up again, for rather obvious reasons.