The crypto market has been having a rough December. Since the beginning of this month, various tokens have made notable dips, and EOS is following the trend, and it is ranking as one of the coins trading in the red zone. The dips come after a notable rally in November.
EOS is trading at $3.45 at the time of writing after a 6.6% dip in the past 24 hours.
EOS price analysis
The crypto market is currently in a recession, and different tokens are making price dips. The token is among those that have registered significant dips in the past 24 hours, and it is currently headed towards weekly lows.
The current trend is a reversal of what happened yesterday, given that with Bitcoin’s recovery to above $50K, the token also made a slight recovery. However, the bullish momentum was not strong enough, hence the current price dips.
If the EOS token continues to push towards lower levels, it could go to the lower support level of $3.30. This support level is likely to be reached, given that in the past 24 hours, the token has dropped from around $3.84 to the current levels.
The weekly low of the token is at $2.87, and these levels could also be reached if there is a strong recession in the market. If a sell-off is triggered, such a strong trend reversal could also happen, and this could either trigger dip-buying or be the start of another strong bearish trend.
On the other hand, the trend could reverse, like it did on December 8. If the trend reverses and EOS makes a bull run, the token could push towards the upper resistance of $3.50. it could also attain $3.80 as it did during yesterday’s gains.
EOS has a long way to go before attaining $4 again, and such a bullish rally could depend on the support given by the broader market.
The EOS token is one of the earliest cryptocurrencies in the market. When the token was launched, it promised fast speeds, which gave it a notable bullish rally, and in 2018, it attained an all-time high of $22. However, the coin has been unable to reach such highs again because of increased competition in the market.
The EOS network has been working on regaining the value of its blockchain and the EOS token. Recently, the EOS community voted on a motion that cancelled the transfer of further EOS tokens to Block.one. Block.one is the project that was involved in developing EOS in 2018, but the EOS community has now stated that its vision and those of Block.one are no longer aligned.
Where to buy EOS
If you want to buy EOS tokens during the current dip, you can create a cryptocurrency exchange account on eToro. eToro is one of the leading exchange platforms, and it supports a variety of cryptocurrencies and trading pairs. eToro charges low trading fees and commissions, and it also supports a variety of user-friendly features such as copy trading.
Your capital is at risk.
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