EOS News and Price Overview: EOS is Still Favorite Cryptocurrency in China. Wednesday, July 25
Important EOS News
EOS is Still Favorite Cryptocurrency in China
Although the future of digital currencies is uncertain in China, there are Chinese agencies tasked with research to explore utility of digital coins with the aim to understand functional applications derivable from them. One of such agencies is the Chinese Centre for Information Industry Development (CCID).
This week, the CCID released a ranking of digital currencies, an activity that the agency first did in May. With the latest update, the ranking shows that EOS is still ranked in number one.
The CCID ranking is based on the innovation of the coin as well as technology and possible application. The essence is to know the value of digital coins based on utility and as a business through the study of the business concept behind it and what everyday problem the coin solves.
The latest ranking that placed Bitcoin at number 16 shows Ethereum as the second ranked coin, while Nebulas, GXChain and NEO followed in the third, fourth and fifth positions respectively.
EOS reacted to the news with a 4.5 percent surge, trading at $8.47, which analysts think is still far below its potential value of $20.
EOS Price Analysis
EOS is currently trading at $8.57 according to Coinmarketcap. This is a 0.83 percent rise in the past 24 hours. The coin touched the $9.25 mark on its way to $10.00 before it was rejected retreating back towards the support of $7.00.
EOS has been fluctuating between the support and the $9.00 mark but is presently trading at the median range. Analysis shows that this trend may continue for some time as the bearish inclination weakens.
Short-term SMA shows that the path of weaker resistance is the bears. This means that the coin value may still go lower than the $8.5 value.
However, with the weakening bearish pressure, the coin may just get the break due to the general positive outlook of the coin market and go all the way to the $10 mark.
EOS/USD Price Chart, Wednesday July 25th:
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