EOS Price Analysis: Token Dips by 2% as Binance Halts Trade

Just a few hours to the launch of the EOSIO, the price of the token has dipped by 2% on most exchanges as the cryptocurrency market recorded some losses. The Bitcoin price has slipped to the $7,400 region over the past few hours, and the price of most cryptocurrencies and tokens following it, EOS included.

EOS is now trading just above the $12 mark ($12.07), with the news that the largest cryptocurrency exchange in the world, Binance has halted the deposit and withdrawals of the token just two days before the MainNet migration. Even though some traders reported that they have been able to withdraw their tokens and store them in hardware wallets and other wallets like Exodus, the frustration faced by some might have contributed in bring EOS price down.

Binance is the only exchange that decided to halt deposits and withdrawals of EOS, with other top exchanges like KuCoin and HitBTC not affected. Users on those platforms have a leeway before the cryptocurrency exchanges withdrawal and deposit blockade begins.

The price of EOS should have surged higher after Binance announced the addition of two EOS trading pairs, EOS/BNB, and EOS/USDT. However, the general market slump affected the token too.

Despite all that, some analysts still believe that EOS will record gains once the MainNet launches, as the EOSIO launch is regarded as the most anticipated event in the cryptocurrency space right now.

Nick Szabo, who some believe to be the real Satoshi, isn’t a huge fan of EOS and took a shot at the project. Szabo called its constitution as a naively crafted and its code WET. He stated that he believes EOS blockchain would be “labor intensive”, full of permissions and rigid when it comes to scalability.

Szabo tweeted;

A look at the EOS chart shows a very nice accumulation that started after that bullish engulfing reversal on May 24. The expectations that its price will soon surge has seen some traders their long entries anywhere between $11 and $13 just before the MainNet launch, with the safe stop around the $10 mark.

Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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