EOS Price Drops By 5% As The Currency Faces Stiff Resistance

Having started off their operations last July, EOS is a cryptocurrency which quickly gained a large number of backers and became very popular in the crypto markets. Often nicknamed as Ethereum On Steroids, EOS currently stands as the sixth largest cryptocurrency by market cap. EOS price has shown potential late last year – and there's much to expect from the currency once the markets recover. Recently, EOS was featured in the late night talk-show Last Week Tonight with John Oliver, where the currency and its founders were poked fun at! 

EOS prices have gone through many-a ups and downs over the past couple of weeks. The currency began today's 24-hour period at the price of $6.07 and a market cap of $4.62 Billion. From there, however, the currency fell to $5.74 – the lowest point of the day, where it closed the 24 hour period. At the end of the day, EOS recorded a market cap of $4.38 Billion. The highest point of the day came at $6.15. However, the currency was not able to capitalize on the growth and EOS price closed the day at a loss of 5.3% over the day.

The past 7-day period has also been very unstable and mercurial. EOS began the week at a price of $6.71 and a market cap of $5.03 Billion. However, the currency closed the week at a market cap of $4.38 Billion and a price of $5.74. The lowest point that EOS price reached was $5.29 over the week. 

The graph above indicates the movement of EOS price over the months. The currency has now been caught between the lines of resistance and the line of support. The line of resistance which can be seen in white is the one which is blocking the currency's growth. EOS prices can boom if the resistance is surpassed but if market experts are to be believed, it is highly unlikely that the currency will surpass these hurdles any time before late April to early May. The currency is likely to continue being trapped in this downtrend for the next month.

For more EOS price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis. 

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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice. 

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