Today has been nothing but a bloodbath for the cryptocurrency market. Every single coin in the top 10 lost at least 10% in the past 24 hours. It looks like we have just hit our first rebound, as markets are stabilizing for the first time today. Only time can tell whether the current support will hold. Let’s take a look at one of our favorite cryptocurrencies – EOS, which unfortunately today is the biggest loser with an over 21% decline.
The big news with EOS this week is the successful upgrade to v1.8. The new upgrade is a big deal for EOS because it introduces a host of new features that will improve the EOS dApp ecosystem. One major feature that has many developers excited is the ability to pay dApp users for their CPU power. This new feature will open up the doors to some awesome dApps and may give EOS an advantage against Ethereum.
This new EOS upgrade was much needed after a recent hack that exploited the network. As NullTX reports:
“THE ATTACKER STAKED CPU AND NET FOR HIS OWN PURPOSES, AND ATTACKED THE EOSPLAY SMART CONTRACT. THIS ALLOWED HIM TO NEGATE OTHER USERS’ TRANSACTIONS, UP TO A CERTAIN DEGREE. AFTER A WHILE, THE EOS NETWORK BECOMES SLIGHTLY CONGESTED, WHICH LET THE ATTACK INITIATE CERTAIN CONTRACTS TO THE GAMBLING DAPP IN QUESTION.”
EOS Price Analysis
Relative Strength Index: The RSI is currently at a healthy 41 points. This means the market is ready to recover and at the very least continue trading sideways.
Bollinger Bands: The price is within range but is quite close to the lower bollinger band. This means that EOS can still drop a few percent before bouncing back up.
Volume: The volume is still there but is winding down fast. If the volume decreases further, that will be reassurance for a sideways market. Until then, be ready for another drop.
EOS Price Prediction
While the RSI seems relatively stable, BBs are showing that there still is a chance for a slight drop. All eyes are on the volume right now, if that drops down further then the chances of sideways trading increase.
My prediction is that EOS will dip again very slightly to $2.82 before making another attempt at recovery. This is assuming Bitcoin remains stable as well.
To end this article, while EOS was the biggest loser today, it made a better recovery than most coins. That makes sense with the new successful v1.8 upgrade which gives EOS more points in the race against Ethereum.