EOS Price: Still Running Into Trouble With The Bears Despite Impressive Rally. Saturday, December 1st
EOS Still Running Into Trouble With The Bears Despite Impressive Rally
In last two days, the bulls hit back at the bears and the results seem to have stuck. Although the bears aren’t completely out of the game, we did see several coins rally and get above major key levels. Bitcoin, for instance, climbed above the $4,000 position and is currently hovering above it. Ethereum for a couple of hours rallied above $220 but following a price correction has settled around $113.
EOS/USD Price Chart, Saturday December 1st:
The overnight market rally triggered by bitcoin, saw EOS climb above $ 3.0 and shortly hit as high as $3.33. This was fairly impressive given the coin was trading for $2.92 just 2 days ago. However, the latest data shows that the coin has slipped below $3.0 once again and is back in the $2.89 position. This marked a 5% drop on November 30th. Although several coins have gone through price corrections today, few have fallen back to the level where they began. For EOS, the bears have managed to drag the coin back to its all-time low of the year- $2.89.
This new low marks a more than 90% drop from its all-time high at the beginning of the year when it hit over $21 in price.
Surprisingly, the price drop follows some positive news from Fidelity Digital Assets who have announced they are exploring listing EOS. According to Fidelity, they are currently considering adding five new cryptos to their platform and exposing them to institutional investors. Among the five cryptos being explored is EOS.
For the long-term, addition to the Fidelity platform could be a major point especially if it is implemented soon. Institutional investors are known to be movers of the market and if they are to take a position with EOS, it could trigger a bullish rally. Institutional investors will look to leverage on the current low prices and will definitely push for the coin to soar, all pushing EOS to new highs in the coming days.
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