EOS price is one of the worst-performing cryptocurrencies today. It has dropped by more than 30% from its yesterday’s peak of $3.9 and is now trading at $2.77. Its market cap has also fallen to more than $2.7 billion, making it the 16th-biggest cryptocurrency in the world.
What’s happening: EOS price is falling mostly due to the overall meltdown of the cryptocurrency market. Other digital currencies have fallen sharply, with Bitcoin shedding more than 7,000 points. Ethereum and Bitcoin cash have also fallen by more than 250 and 120 points respectively.
EOS price is also falling because of the ongoings at Block.one. In a statement during the weekend, Dan Larimer, the founder of the company announced that he had stepped down. Block.one is known for its raising more than $4 billion through its Initial Coin Offering (ICO). In a statement, he said:
“I will continue on my mission to create a free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies.”
He said this statement after saying that he was boycotting social media for its censorship. Therefore, EOS price is possibly falling because investors are possibly losing confidence in the currency.
EOS price prediction
The daily chart shows that EOS price reached a high of $3.9 during the weekend. This is a notable price since the currency reached the same level in August and November. This means that it has formed a triple-top that is usually a bearish sign. The price is also important because it is along the 61.8% Fibonacci retracement level.
Therefore, in the near term, we believe that EOS will continue falling, with the next support being at $2.40, which is the 23.6% retracement level. On the flip side, a move above $3 will lead to more upside.