EOS price hangs by a thread as the $4 billion ICO that failed
|- EOS ICO was the biggest in history raising $4.1 billion.
- According to recent statistics, most major ICOs have not only survived but succeeded.
- EOS price is down by 90% since its all-time high at $19 in May 2018.
EOS ICO was certainly huge, raising $4.1 billion and getting featured on major publications like CNBC. Block.one funded EOS without a live product but still managed to have a lot of success. However, after its peak at $19 per token in May 2018, the digital asset simply collapsed and never managed to recover.
B1 is building products designed to leverage our #Bitcoin as more than just a store of value, and we have accumulated well beyond our previously announced 140,000 #BTC position. We are in internal testing and alpha stages. #EOS #EOSIO
— Brendan Blumer (@BrendanBlumer) December 17, 2020
B1 is building products designed to leverage our #Bitcoin as more than just a store of value, and we have accumulated well beyond our previously announced 140,000 #BTC position. We are in internal testing and alpha stages. #EOS #EOSIO
— Brendan Blumer (@BrendanBlumer) December 17, 2020
Most investors think that Block.one leadership was one of the problems. Just recently, on December 17, 2020, Block.one announced that is focusing on building products designed to leverage their Bitcoin as more than just a store of value, which was not taken too well by investors.
EOS price could see a major fall towards $1 if this level breaks
EOS has been trading between $4 and $2 for practically the past year. The support level formed at $2.3 is the most crucial in the long-term. This level was defended several times in the past on April, May, June, November, and December of 2020.
EOS/USD daily chart
A breakdown below this crucial support level can quickly send EOS price down to $1 in the long-term as there is very little support on the way down. Additionally, Dan Larimer, CTO of Block.one has just recently resigned, adding more pressure to the bulls.
However, EOS bulls could defend the $2.3 support level and push the digital asset towards the 50-SMA and the 100-SMA on the daily chart, which both coincide at $2.8.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.