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- EOS price is currently in a consolidated zone with a loss of 1.77% in the daily time frame. In contrast, EOS/BTC pair is seeing a loss of 2.50%
- EOS price has seen a small gain of 50% since its Co-founder Brendan Balmer decided to leave the project. Meanwhile, Dan Larmier has revealed that the Clarion Protocol will be his next block chain project
EOS was announced in 2017 by the company Block to achieve greater scalability than BTC and ETH. The founders of the coin were Daniel Larmer and Brendan Balmer to create a scalable blockchain that can incorporate thousands of Dapps.
EOS price has accompanied a gain of 272% since its inception. This gain is very low as compared to other crypto coins.
EOS is currently ranked 28th with a market capitalization of $4,302,381,340.Volume of the coin ($1,801,688,024) has seen a drop of 20.08%.The ratio of volume and market capitalization is 0.458, and If it crosses above 0.8, then a strong bull rally can be seen.
Technical Indicators Suggests A Negative Trend For The EOS Price Action
EOS price was trading at $4.18 with a loss of 1.77% in the intraday session. EOS coin will face resistance ongoing upside at $4.50 and a bounce back from $4.0 can be observed. The weekly chart suggests bullish momentum. The daily chart of the coin suggests a consolidated momentum. It is trading above 50 and 100 Moving Average. The 50MA (yellow) is at $4.04, making it temporary support for the coin. Coming down to the shorter time frame of the 4-hour chart, the price is seeing a negative rally inside the downward parallel channel. If the price breaks 5 to 10% above the channel, then a strong bullish rally can be seen.
RSI(Bearish): It is dawdling at 50 marking its presence in the neutral zone. There is a negative slope formation in the RSI, which showcases bearish momentum. If the RSI crosses the threshold of 60, then a strong bullish rally can be seen.
Conclusion
EOS has a great fundamental and a great team. The price has been in a slump since Brendan Balmer decided to leave the project. It can be the next window for Dapps if it goes on the projected path by the organization. The price has been telling a different story altogether. An Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$4.5
Major Support: $4.0
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
