The Evergrow coin price is down by 6 per cent in today’s trading session. The deflationary crypto has also been in a strong bearish move for the past month. Today’s price drop comes despite an increased market activity, which has seen its trading volume jump by 21 per cent in the last 24 hours.
What is an Evergrow Coin?
Since its launch in September, the Evergrow coin has been one of the market’s fastest-growing cryptocurrencies. However, its growth has been hindered by the current cryptocurrency bear market, which has affected virtually every cryptocurrency.
The Evergrow coin markets itself as a deflationary token that allows holders to earn an 8% reward from every buy, transfer or sell transaction. Being a deflationary coin also means that its total supply reduces at intervals. The idea behind the reduction is to control the number of tokens in circulation by reducing their supply. The continuous burning of the token creates scarcity in the markets, and over time, its prices rise, regardless of market conditions.
Evergrow Bearish Trend
The Evergrow coin reached its all-time price high on November 1, 2021. Since then, Evergrow has continuously been in a strong bearish move that has resulted in a drop of 95 per cent of its value. The past month has also been extremely rough for the crypto, losing 41 per cent of its value.
The year-to-date data also shows a strong bearish market that has persisted throughout the year. The result has been a price drop of more than 75 per cent of its value.
Looking at the current prices, the Evergrow coin is also looking extremely bearish. In the last seven days, the crypto has lost 16 per cent of its value. Therefore, my Evergrow price prediction expects the prices to continue falling throughout the trading session.
I also expect the prices to hit and possibly set a new price low in the next few trading sessions. Currently trading at $0.0000001396, there is a high likelihood that we may see Evergrow drop below the $0.000000100 price level in the near future.