Another down day in the cryptocurrency market with the exception of to altcoins in top 20: EOS and VeChain. Let’s take a look at the EOS crypto today.
EOS Crypto Price Action
The cryptocurrency's price ended Monday’s New York trading session at $12.90, 1.3% up for the day. However, the general intraday momentum for EOS crypto still appeared bearish. EOS/USD lost most of its early Monday gains, which was up to $15.14, by the end of the day.
The crypto formed a Doji candlestick pattern, and the future cloud of Ichimoku Kinko Hyo's daily setup appears to be bullish.
But, if the bearish momentum continues, we could see pullbacks towards the 38% and 50% Fibonacci retracement levels $11.73 and $9.59 respectively. On the other hand, resistance levels are at $14.39 and the all-time high of $18.68.
EOS Overview
EOS is the 8th largest crypto by market cap at the time of writing, trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, and NEM. It is a smart contracts platform similar to Ethereum, but with performance and scalability benefits.
They call themselves “The Most Powerful Infrastructure for Decentralized Applications.” Obviously, this wouldn’t account for real fundamental insights.
EOS Crypto Trading and Mining
The vast majority of the EOS trading volume currently comes from South Korea’s Bithumb exchange. It generated almost 70% of Monday’s trades.
Crypto miners are also at it with EOS. Any crypto miner can use shapesfit.io to transfer any mined coins or altcoins to EOS tokens.
Fun Fact: EOS is not an officially defined acronym but there are some suggestions among the crypto crowd such as Ethereum On Steroids, End of Silence, and Endless Online Scaling. For now, it might be more appropriate to call it Endless Online Volatility though.
*This article was originally published on Invest Diva:
https://www.investdiva.com/investing-guide/eos-crypto-altcoin/