The EPS bulls are taking over, potentially signaling the end of the selling wave that has plagued the cryptocurrency since it started trading on Decoin in June.
EPS is currently trading at $0.76 after a 54% rally in the last 24 hours (at the time of this press). If you purchased $1,000 worth of EPS at its highest price of $0.54 during the previous day’s trading session, you would already have gained a profit of just over $400. However, you would even be deeper in profit if you had bought the dip in June, especially when the cryptocurrency’s lowest price was $0.33 which happened on June 22.
The EPS’s latest performance suggests that it is rapidly approaching its highest Decoin price of $1.04. However, EPS still has a long way to go before it reaches its all-time high of $21.19 which it registered in March this year. This means its current price point still has a lot of potential but can it really get back up there within the next few months?
EPS' tokenomics suggests that it can reach its all-time highs and potentially higher. It’s market cap at the time of this press was just above $78 million market cap and a low circulating supply of 120.35 million EPS although it is worth noting that there is no maximum supply. This means that its circulating supply could increase in the future, a situation that could lead to a price decline.
What is EPS price potential?
A $78 million market cap is still on the low side, especially with its current circulating supply. There is some potential upside for this coin especially now that the price seems to have changed its trajectory, suggesting that the selling pressure especially from early investors has reduced. EPS now has a chance to flex its bullish muscles and maybe even test new highs.
EPS can potentially attain a higher market cap especially if its native platform achieves higher levels of adoption. Such a situation would result in positive price action for the token because of the utility that EPS provides. For example, it can be staked or to earn rewards while also providing liquidity on the native platform.
The higher the utility of a token or cryptocurrency, the more value it can accrue over time. EPS happens to have such utility, thus providing a reason that can potentially drive up its demand. This combined with the low circulating supply provides an even higher incentive for users to buy and hold the cryptocurrency.
EPS’ latest bull run highlights another major reason why EPS is an attractive cryptocurrency. Savvy crypto traders are aware of its tokenomics including the low circulating supply, as well as market cap. It fits the bill of a cryptocurrency that can yield substantial gains in the event of a massive crypto rally. Remember that traders are hunting for legitimate crypto projects that meet the right criteria and there are currently various undervalued cryptocurrencies that fit that bill.
Will the price continue to drop?
EPS has been on a sharp decline that has seen it fall from its historic highs. EPS token sale by airdrop recipients is one of the main reasons for the strong price drop. However, the recent price action suggests that it has already bottomed out and is currently on its recovery trend. Keep in mind that EPS' ability to reach new highs depends on platform usage and the level of adoption that it will achieve. EPS has flown under the radar for a while especially during its price decline but it is slowly but surely becoming more visible in the market.