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The Bitcoin price corrects to $ 9,200 while EOS drops 15%, the market gets closer to $ 430 billion

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The price of bitcoin dropped slightly to $ 9,200 after surpassing $ 9,500. The valuation of the cryptocurrency market reached $ 425 billion, rising to $ 450 billion in early March.

EOS down 15%

EOS, the fifth most valuable blockchain protocol on the cryptocurrency market, fell by more than 15% after surging prices over the past 48 hours. Ari Paul, the co-founder of BlockTower's cryptocurrency hedge fund, said that had EOS been able to maintain its momentum, it would have been possible for the ERC20 token to exceed the Ethereum value.

"Price Observation: EOS is an ERC20 smart contract currently valued at $ 16 billion.If it was repeated over the last two weeks, it would exceed ETH's value while remaining at This is an observation not at all a prediction or investment comment, " says Paul.

Since its peak at $ 22.86, EOS has dropped to $ 18.53 from about $ 17 to $ 15.2 billion in valuation. On a weekly basis, over a seven-day period, EOS still more than doubled in value as it was valued at $ 11 on March 23.

Analysts attributed the rise in the price of EOS to the launch of its mainnet scheduled for June 1. EOS, as a scalable and flexible blockchain network based on the Ethereum protocol, has been anticipated by a decentralized application developers over the past year and its mainnet launch would allow dapps to be deployed on its network. blockchain.

On April 28, momentum oscillators, including the Williams Percentage and Relative Strength Index (RSI), demonstrated overbought conditions for EOS. As the market continued to acquire more EOS under overbought conditions, the token experienced a 15% correction over the past 24 hours.

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Currently, while the EOS RSI remains quite high, it no longer shows overbought and the market has stabilized. As long as EOS does not demonstrate significant overbought conditions, in the short term, at least during the countdown to its main launch, it is likely that the price of EOS will increase.

Bitcoin Trend

It is optimistic that Bitcoin was able to maintain its momentum above the $ 9,000 region after recording a 10% increase over the $ 9,800 mark. If Bitcoin holds its trading volume and stays above $ 9,500 in the next 24 hours, it is possible that the price of bitcoin will exceed $ 10,000 in the first week of May. Reaching the $ 10,000 level should drive Bitcoin to its previous levels, potentially at a major support level at $ 12,000.

Simple and exponential moving averages show a positive short-term trend for bitcoin and given that its RSI has fallen to 58.7 in recent days, it is likely that the bitcoin price will record a small rise in the short term.

With financial and banking executives turning to hedge funds and investors, and growing demand from institutional investors for cryptocurrencies, the cryptocurrency market is an ideal position to potentially gain value from $ 0.5 trillion. November 2017.

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