EOS has been having massive shifts in the price for the last couple of days, starting its downward spiral on May the 30th and rebounding the day after.
Ever since June began EOS has been struggling to maintain its coherence with the previous price marks, but it wasn’t really expected of it to continue.
Due to yet another bearish run on Bitcoin during the weekend, EOS followed suit and plummeted back to $7.1, and is struggling to regain ground at $7.2 at the moment of writing this article.
The level of volatility that EOS showcased over the course of just a week led many experts to believe that it was not conforming to market sentiments anymore, that it was forming into its own cryptocurrency, but that notion was smashed asunder when the weekend bear hit.
At least, the ones that had the speed to buy at $6.8 on the 30th are enjoying themselves right now.
Regardless of EOS being in a correction zone right now, it is still in danger of falling alongside Bitcoin this week.
It is believed that the market pattern of the last three weeks have been broken due to the Saturday price fall, as it was expected to be a bull rather than a bear. So now, short term investors are dumbfounded on what to do as the market’s become unpredictable.
But we can still speculate. At the moment, another drop similar to the 30th is not expected, although a peek below the $7 could actually happen on Wednesday.
In fact, it’s quite beneficial for the bulls, as it’s one of the best points to enter a position.
Our prediction is that, should the EOS fall below $7, it will likely shoot up to $8.3 due to the correction, and then correct itself yet again back to $7.5 over the course of this week.
However, if it’s able to maintain it’s position above the $7 mark, a frozen market is likely to continue throughout the week, unless Bitcoin acts up again.