Through the end of April and the start of May, EOS made some incredible ground. As I’m sure you know by now, EOS is the first major currency to top it’s highest value, as recorded during the 2018 cryptocurrency boom.
Back then, EOS came in at just over $18.00, a very good value for a currency that certainly takes a novel approach towards its existence. Through the end of April, EOS witnessed a surge, a surge so big that it was finally able to breach this crypto-boom high, and reach values exceeding $20.00.
Whilst we did predict that this might happen, we also predicted that overall, EOS would struggle to remain above that threshold given that the markets are so volatile at the moment. Moreover, for EOS to maintain above this figure, the climate would really need to help keep it afloat, something that we just couldn’t see happening.
Since EOS peaked at the end of May, we have of course seen the value of the currency move downwards. Overall, this slip did not raise many concerns as EOS did manage to maintain a figure of around $17.00, moving swiftly between figures of around $16.00 and $18.00, putting it on a comfortable value. We must consider that the spike seen by EOS will have contributed to some selling, especially by those who bought in when EOS was high at the start of the year, this has no doubt impacted on the figures we see today.
Concerningly, for the first time since the second coming of EOS, today we are seeing the currency lose value at an alarming rate, moving it back down towards $10.00. A figure below $10.00 will ring alarm bells. $10.00 proved to be a tough cookie to crack last time round, therefore if EOS is unlucky enough to breach this, we could expect to see EOS very much undervalued for some time now.
At the time of writing, EOS is valued at $12.43 and is down 12.87%. Should this descent continue, figures around $10.00 may start to become more of a threat.
What now for EOS?
Well, as a currency we know EOS is tough. It has a high market cap, currently ranked fifth on Coinmarketcap.com and moreover, we know EOS is a popular currency. For those holding, we can assume that when the climates level out, we will see EOS move past $20.00 again. For those who bought in after EOS breached $18.00, you may be waiting some time before we can see a substantial return on your investment, assuming that the markets continue to stoop like we are seeing at the moment.
Overall, for now, we shall keep an eye on EOS. EOS tends to set the scene so perhaps, when EOS starts to tail off and balance back out, the markets may very well follow on. Let’s hope the current decline of EOS does tail off and that the currency calms down soon. EOS will make a recovery, for now however, we can’t be sure when that will be.