The cryptocurrency market has returned to extremely bearish market conditions with several major cryptocurrencies including market leader Bitcoin recording 2018 lows. EOS has been the worst performer in the top 20 with an over 20% decline over the past 24 hours. This has brought it out of the top 5 cryptocurrencies to invest in and down to 8th in the cryptocurrency rankings. If it continues this rapid decline, it is likely to be overtaken by Litecoin.
This is the sixth consecutive losing day for EOS. The past two candles formed Marubozu candles. This is a candle with a long body and little to no wick showing strong movement in one direction. Today’s candle has also been forming a Marubozu candle, and the bearish decline in EOS shows no sign of stopping. The volume driving the decline has been significant. The MACD and RSI have also been declining, showing strong seller momentum.
The project has been a disappoint for most investors after depreciating 84% in value since its mainnet launch on the 15th of June. Bitcoin has proved to hold its value much stronger and has depreciated 48% since the mainnet launch of EOS.
- EOS is the worst performer in the top 20 cryptocurrencies after depreciating over 20% in the last 24 hours.
- EOS looks likely to continue its decline given the strong seller momentum driving the decrease.
- EOS has disappointed most investors after losing 84% of its value since the mainnet launch.
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