EOS price weekly analysis 13 August: Price sinks lower but trading volumes are back up
EOS has been hit harder than most cryptocurrencies this past week but there was some good news too.
- EOS has traded down over the past seven days, shedding around one third of its previous value.
- Trading volumes have jumped up substantially since last Monday.
- The token has quietly been enticing DApps (decentralized Applications) away from the Ethereum network.
The price of EOS has suffered tremendously over the past week, gradually losing one third (33%) of its value.
At the beginning of the week, EOS was priced at US$7.02. From there it crept up to a weekly high of US$7.18 on Tuesday before progressively slipping to its current price point. At time of writing, the coin was worth US$4.68.
The cryptocurrency witnessed a few mild gains and minor fluctuations but these didn’t halt the coin’s downfall.
Trading volumes began the week at around US$478,000 and have finished at approximately US$630,000. This represents a rise of close to one third (32%) in total trading volumes over the past seven days.
FX Street reports that EOS/USD bears have a solid grip on the market, with weakness seen across the mark. The analysts suggest that the downside target looks to be just below the $5.54 price point.
Global Coin Report revealed that over the past two days there has been a bullish divergence on the hourly MACD indicator readings. This can often signal a gradual reversal of momentum in price action.
EOS ecology portal meet.one has revealed that increasingly more DApps (decentralized Applications) teams are switching from the Ethereum platform to the EOS network, with over 100 DApps developed on EOS now.
— MEET (@MeetDotOne) August 13, 2018
DApps include digital wallets, games, exchanges, development services, educational tools, airdrops, media, charities, recruitment agencies, social networks, data services, healthcare, music, security and fintech services.