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EOS Bounces Back With A 10% Surge Following The Market’s Worst Drop Of The Year

17 december 2018, 12:41 by John Kiguru

EOS Bounces Back With A 10% Surge Following The Market’s Worst Drop Of The Year

The weekends have always been unpredictable in terms of price movements. But in recent weeks, the market has developed a signature move of plummeting. More often than not, these drops have led the market to record new year lows. The past weekend was no different as prices began plummeting on Friday.

The drop that extended to Saturday saw most major coins record yet another year low. Bitcoin hit little under $3,200, Ethereum hit a little over $83 and XRP retested the $0.28 position. This dramatic drop saw the total market dip below $105 billion.

Today’s surge sees bitcoin get back above $3,400 and the total market cap reaches a little under $110 billion.
Leading the surge today is EOS which is up by over 10% and at the time of press is being valued for $2.16. With a market cap of just under $2 billion, the fifth largest cryptocurrency by market cap is the best performer in the top 20 cryptocurrencies.

Last week, EOS lost the $2.00 position after starting well above it at the beginning. On Friday the coin extended its loss hitting a new year low of $1.74. A price correction was undoubtedly going to occur following this dramatic fall but today's surge not only sees the coin regain its position above $2.00 but also achieve a higher resistance level.

In the next couple of hours, EOS looks poised to extend its gains which could see it hit $2.50. This could, however, be followed by a correction that sees it settle in the $2.00 position. For the long-term, EOS is looking to get above the $4.00 position. Given the coin is struggling to stay above the halfway mark of this, getting above $4.00 remains a prospect for 2019.

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