EOS, the price of crypto falling: -10%
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EOS, the price of crypto falling: -10%

By Federico Izzi - 4 Jun 2019

Chevron down

Among the most known crypto, today the sceptre of the worst goes to EOS, whose price is falling by 10%. Since the announcement of the social network based on its blockchain, Voice, EOS is falling from the highs of 2019 with a price drop that reaches over 25% in three days.

EOS chart by Tradingview

EOS today is therefore noted with the worst fall of the day among the big ones, also costing him the 5th position in the ranking of Coinmarketcap, making room for Litecoin.

It was from mid-May, from the days of 15th-17th May that you could not see double-digit declines in less than 72 hours. The European night has shown the continuation of a bearish movement that started on Sunday and that in these hours of the morning is making most of the cryptocurrencies testing their respective supports.

Source: COIN360.com

Among the first 100 cryptos per-market cap, more than 90 travel in negative territory. Only eight of them are marking increases. The first two that stand out for the biggest gains of the day are Aurora (AUA) and Zilliqa (ZIL), respectively in 45th and 44th position, both at +8%.

Among the worst, we note Tezos (XTZ) and BitTorrent (BTT) who, after major increases in recent days, put the reverse gear marking a decline that extends over 13% of the day.

Yesterday Justin Sun clarified what was the surprise announced: he won the auction on eBay for 4.5 million for a dinner with Warren Buffet, a determined sinker of the crypto. But the prices of Tron and BitTorrent are not sparking and are in line with the trend of the day with decreases ranging from 8 to 10%.

The capitalization, after having reached $280 billion dollars, today is at $250 billion. The dominance of bitcoin remains unchanged at 56%, despite the fall in prices and capitalisation has gone from the record of $150 billion to just under $140 billion. This indicates that the downturn in progress is concerning the whole sector. Ethereum is also affected by the downturns, returning to 10.5% of the market share. Ripple, on the other hand, holds better, keeping a few decimals below the threshold of 7%.

Bitcoin chart by Tradingview

Bitcoin (BTC)

The bearish extension of the last 72 hours marks the most consistent decline of last mid-May, in fact, in just 3 days bitcoin drops by 15%. Between 15th and 17th May, the decline was 16%. The upward trend since the beginning of April is not compromised. In the next few hours and days, it will be necessary to assess the intensity of the decline and where this extension will end.

The first support of the $8,200 dollars, former resistance that had characterized much of the month of May, was again violated this time downwards and therefore the extension finds the next support in the area $7,800; but the decisive support to understand the fate of the new possible monthly cycle is the threshold of $7,200 – $7,000 dollars.

Ethereum chart by Tradingview

Ethereum (ETH)

After reaching $290, at the turn of the last hours of May, Ethereum also accuses a bearish movement that currently extends just over 20%. Such a negative movement does not compromise the trend that began on May 11th and, under the first most evident and important support of the $230 dollars, could find further sinkings up to $200 dollars area. Such a violent extension would compromise the excellent bullish trend that Ethereum has built since the second decade of May.

To drive away any bearish cloud it has to recover the threshold of $270 dollars. Bears and bulls are fighting between $240 and $250 dollars finding the area of balance at $255 dollars. For ETH it is necessary to consolidate in the area $230 dollars in the coming days to try a new bullish attack.

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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