Overthe past 24 hours, EOS has been reporting a 6% loss. Investment in this tokenholds good for long-term traders. Intraday traders might not be able to make a profit. After a significant price drop, EOS is set ona recovery spree. It is expected for thecurrency to improve in the forthcoming days.

EOS is one of the most prominentblockchain projects. The major target ofEOS is to run decentralized applications that are fast. Ethereum is looking to decentralize the worldof computing. Each of these projects has its advantages and disadvantages.

EOS has been trading at $3.0743,and it was down by 10.95%. The pricedecline let the EOS's market cap down to $3.122B. At its highest price level, the price of theEOS was at $17.5290B. At its current price, the price of the EOS has been down86.62% from its all-time high at $22.98.

At present, the price of the EOSis at $3.5, which is the current monthly high. The price of the cryptocurrency increased by 2.37%, and now it istrading in the $3.47 level. EOS beingthe 7th largest cryptocurrency in the global market, will likelyrecover above the key resistance levels when the market corrects the gains.

The EOS/USD pair has gained support near $3.4 and at $3.2. If the price would go through a correction below this support level, then the next low might be at $2.5. The market might eventually plunge at the lower boundary of the channel.

The cryptocurrency is currentlyshowing a bearish movement in the hourly chart. If the price would stay well above the $3 mark, the EOS market mightbounce back to $3.65. The surge in theprice might eventually move the token beyond the boundary of the channel to $4and $4.6 resistance levels. This is asign that the bulls are looking to step back into the market. While the EOS hasbeen waiting for a positive breakout, the recent price decline has been keepingthe bulls waiting. The price might showup in an extended rally if the price of the asset type would surpass the $0.365levels. If the inverse should occur, it would lead to serious price reductionsin the market.

Keyresistance levels are seen at $3.65, $4, and $4.6, respectively. Key support levels are seen at $3.2, $2.9,and $2.5, respectively.

EOScontinues in its mission to support large-scale applications.