EOS Price Analysis 9/17/2017
EOS has been one of the hardest hit tokens during the recent Chinese exchange ban which points to its popularity in the PRC. The price recently bottomed out at 50 cents on the 15th after multiple exchanges gave notice of closure. The markets have been devastated by the recent rulings across China but this will provide an extended accumulation period for investors.
The price has been in steady decline ever since mid August and it finally stopped its losses at the 50 cent mark before popping back a little. The graph looks relatively grim, for inexperienced investors that is. Let's take a step back now...
This formation, which is called a descending wedge, usually indicates that an upward movement is imminent. The price can only fall so low before everybody realizes what a great deal it is. Even at 60 cents right now EOS is a STEAL because many ICO investors got in around 90 cents. They release 2 million EOS tokens a day rather than doing traditional coin distribution methods like mining, staking, etc. Additionally the price may remain depressed for a while longer as Chinese users dump what they can before the bans are implemented.
The previous resistance levels while EOS prices were "healthy" was around $2. The old support levels are around $1.70, $1.25 and $0.85 so now they will become resistance barriers as the price tries to break out. Keep an eye on the 50% retracement level as this is a very common retracement level after a significant move. Once we can move above the $0.85 zone then the next stop is between $1.07 and $1.25.
The massive total supply of tokens is part of the reason why the price seems to be in steady decline since they released their token. The geo-political tensions have not made things any better. EOS is patiently waiting to be noticed by the rest of the world as Chinese investors scramble to recoup what little they still can. Prices can and likely WILL go lower until the market picks it back up and puts EOS back to where it belongs. Once the China news blows over we should see a healthy recovery on many cryptocurrencies and crypto-assets.
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself with the help of Coinigy and Bitfinex.)
If you would like me to do a price forecast or to discuss a certain topic let me know in a comment down below :)
Its crazy how much EOS was hit during the Chinese saga. If it would be news regarding the development I would understand but this
EOS was promoted and heavily pumped in China. When it first hit markets I remember the price went up above $5 per token at one point! I would like to see it at $5 again someday haha.
Yeah me too :) would have bags of profit :)
Where do you see EOS in coming 2 years ?
Look at how far STEEM and Bitshares have come... I think that EOS has huge potential and they have an amazing team.
I believe in Dan Larimer and think he will prove himself to be one of the best blockchain engineers in the world.
As far as price, who knows where it will be but it will most certainly be higher than 60 cents!
Yes certainly. Even I am very optimistic about Dan and his projects.
The price was a bit high at the start of the ICO so it is perfectly normal that it goes down during the very long ICO trail without much happening on the news front (a few announcements, but nothing spectacular). Just continue to accumulate if you believe in this project. The good times are still ahead of us.
I bought some more tonight :) It was too good of a deal not to! Of course I bought Litecoin first and then sent it over- much faster than BTC.