EOS Dapps

EOS is facing a lot of heat as cryptos continue their downward trend

The EOS faced a lot of beating yesterday as all the cryptocurrencies had a downward trend. The fifth ranked cryptocurrency, with a market cap of 2.245 billion, touched a minimum of 2.38 yesterday against the US dollar from an opening of 2.95 before recovering to an average of 2.4 in the cryptocurrency trading market. This is the lowest trading price of EOS in 2019 so far. Thus, there was a percentage fall of 9.09 percent in the price of the EOS. This comes after EOS touched its second lowest trading price ever of 1.69 against the US dollar on 7th December 2018.

Last day’s line chart clearly shows a lot of volatility during which, it touches the new year’s low of 2.38 against the dollar. Graph courtesy tradingview.com

The EOS price has had a downward trend ever since Dan Larimer, EOS’s founder, declared that he was launching another project just a few months after the launch of the EOS project. The market was not kind to EOS, post-announcement, as Larimer has a history of moving from one project to another project. Earlier, EOS had shown a strong resistance in price in a market where all the other cryptos had a free fall. Hence, EOS continues to be one of the best performer among the top 10 cryptocurrencies in terms of market value, the progress that it has made in a short span of time and the amount of resistance that it has showed.

EOS is working on a slew of projects that is bound to reap heavy benefits in the future. The top ten projects under EOS are – Insights Network, EOSBet, Horuspay, Oracle Chain, EOSfinex, WAX, Everipedia, Onepay, HireVibes, Bonnum. EOS is expected to transfer the benefits gained from this projects to its existing coinholders in terms of free coins. Thereafter, EOS is also doing well in its decentralized game apps. Thus, EOS has a solid foundation to bank upon but the overall scenario of the cryptocurrency market (due to many incidents of fake ICOs and various kinds of regulatory hurdles, which resulted from it) is dragging its price downwards.

Last six month’s line chart. It clearly shows a steep decline in price from June 2018 onwards. Graph courtesy tradingview.com

Thus, EOS is a very volatile cryptocurrency from a trader’s point of view. The best way for an investor to earn in EOS right now is through intra-day trading. The continuous volatility in EOS price offers a perfect opportunity for a trader to purchase the coins when the prices appear to be least and sell it for a marginally higher price the moment price surges. However, one has to be active throughout the trading period as the window for profit is only in seconds.

Last month’s line chart. It clearly depicts a gradual rise in prices from 7th December 2018 onwards. Graph courtesy tradingview.com

From a long-term investor’s point of view, this is probably the time to wait and watch. The EOS touched its second lowest price ever one month ago. Even though it is on a marginal rise, amid fluctuations, since then (which can be observed from the last month’s line chart), analysts believe that the price can even fall to as low as 0.5 against the dollar. Hence, there is no certainty for EOS as of now. I personally believe that any price point between the range of 0.5 and 1.5 is an excellent price for purchasing EOS as the prices are expected to resist the current level (amid fluctuations) and once the crypto’s sentiment among the people improves, the prices are bound to increase by at least 7-8 times. Also, a surge in the prices of Bitcoin is also expected to aid the EOS.

What do you readers think? Leave your views below in the comment section.

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