EOS started making significant gains in the past few weeks after mimicking the trend of bitcoin and the broader market, but this uptrend seems to be ending. The coin is back to trading at a bearish market after bitcoin retreated to $33K.
The token is trading at $3.99 on major exchanges at the time of writing after a 5.4% fall in 24 hours.
The coin Price Analysis
EOS is trading in the same zone as the majority of the crypto market right now. Most coins are trading in the red zone, and so is EOS. However, the price fluctuations of EOS currently show that the volatility is low, and hence investors who jump in now might avert huge losses.
The token has slumped below the $4 mark, which places the token at a critical level. If the decline towards $3.50 and below continues, we will witness strong bears that might push the market towards further slumps. A decline in token prices will happen if the market continues to slump.
The coin might also recover towards an uptrend, which could cause a recovery in prices above $4. If the uptrend persists, investors might witness the price of coin pushing above $5, in which case bulls will be strong enough. If investors jump in to buy during the current dip in prices, the prices of coin might consolidate at higher levels.
The coin blockchain is developing many use cases, which is giving popularity to the EOS token. With the token gaining endorsement as the Ethereum killer because of its scalability, the token might break past the current lows and go to higher levels.
The most remarkable project that has launched on the coin blockchain is BlockOne. The blockchain firm recently acquired a $10 billion funding and launched the Bullish cryptocurrency exchange to compete with Binance and Coinbase.
Where to Buy EOS
Those who want to buy tokens can do so from the eToro cryptocurrency exchange. The crypto exchange is highly reputable because it offers unique features such as copy trading, allowing new users to learn from seasoned traders. Moreover, the exchange also charges low trading fees that are advantageous to traders.
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