The EOS cryptocurrency is in the crypto news today for entering a corrective phase on April 30, which saw its price retrace by over 27%. The smart contracts token EOS starts correction in times when most of the cryptocurrencies are vulnerable – going from trading at a high of $3.1 to a low of $2.3.
Despite the significant bearish impulse, data shows that large investors are accumulating EOS on every dip now.
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So, if history repeats itself, this could be a sign that Ethereum’s main rival is poised for an upward movement.
According to Santiment which is a behavior analytics platform, EOS starts correction and something “appears to be brewing” with the cryptocurrency. The firm even affirmed that there is an inverse correlation between the “investors/baby whales” as well as “the big guys” as they called them.
“While retail [investors] have been distributing EOS, whales have been accumulating,” said Santiment.
Indeed, we can see the on-chain metrics of EOS revealing that the number of addresses with 100,000 to 1,000,000 EOS started rising on February 9 this year. Ever since then, there has been a 20% growth in the number of whales as the EOS news show – proving that the cryptocurrency has a massive trend and upside potential.
The reasoning behind this behavior is still unknown, but EOS starts correction in times after the Bitcoin halving. The development community behind this blockchain protocol continues making strides to expand the utility of its token, despite the uncertainty in the global financial system.
What we can also see is that development activity in the coin’s blockchain is not necessarily a good indicator of price, but one that adds legitimacy to this project which sits in an industry that is full of scams. Still, as EOS solidifies its network and whales rush to it, the price seems ready for a liftoff.
If we add credence to the bullish outlook and the fact that EOS starts correction now, we can see that the cryptocurrency can visit new highs soon and bounce off the area where it is right now with enough buying pressure behind it.
Currently, the price of EOS is trading at $2.43 with a minimal increase and a market cap of $2.2 billion.
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