It is evident that a lot of things are happening in the world of cryptocurrency right now. The current market cap rankings look a little different from what people expected. In particular, the EOS price has seen some solid momentum over the past week, although it’s struggled to remain above US$12. Right now, stabilizing the EOS price around US$10 seems to be the top priority for the community. Whether or not that will happen is difficult to predict.
Can the EOS Price Find Support at $10?
The past week has been rather volatile for all cryptocurrencies in existence. Ever since CoinMarketCap.com stopped tracking South Korean prices, we’ve had a more realistic idea of the values of individual currencies. As was to be expected, this change also impacted the EOS price quite a bit, although it seems little damage has been done in the long run.
More specifically, the EOS price was valued at over US$12 when the “adjustment” happened. Although a major dip set in shortly thereafter – sending the price down as low as US$8.94 – the momentum reversed again rather swiftly. Ever since that time, the EOS price has been on the cusp of either dropping below US$9 or surpassing US$10. It seems the latter scenario is in play right now, yet the overall momentum seems bullish right now.
In fact, the EOS price rose to US$11.50 earlier today. Unfortunately, that was the moment at which the entire market suddenly fell off a cliff, though it’s slowly recovering as we speak. The brief price drop below US$9.60 has created a new buy opportunity which EOS traders will gladly take advantage of. Right now, one EOS is valued at US$10.53, which is still a 15% increase over the past 24 hours. That’s not bad, considering everything else that is going on in the cryptocurrency world right now.
With almost US$1.5 billion in 24-hour trading volume, things are looking rather promising for EOS. Although this doesn’t automatically mean the EOS price will surge to US$12 or more all of a sudden, there is enough momentum to keep things going for some time to come. Most other altcoins would love to see this amount of trading volume, yet very few manage to achieve it. Diversification is a key aspect of cryptocurrency investing these days, and it’s always good to buy as many coins as you can to hedge against volatility.
Unsurprisingly, EOS is very popular in South Korea right now. While the Bithumb price is excluded from CoinMarketCap, the exchange still generated nearly half of this altcoin’s 24-hour volume. Bitfinex and Ethfinex are in second and third places respectively, with just US$330,000 separating the two right now. Fresh capital is pouring into cryptocurrency as we speak, which is a good sign. After all, we need fresh capital to keep this party going throughout 2018 and beyond.
For the time being, it’s difficult to predict what will happen to the EOS price. Although reaching US$12 seems like it’s only a matter of time, the entire cryptocurrency market is on wobbly legs as we speak. It only takes one nudge to send trading markets spiraling out of control, either for better or worse. Right now, there is no telling which way things will head in the coming hours and days. However, EOS will come out just fine if stability can be found near the US$10 mark.