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- EOS is currently struggling to cross above the threshold of $1 despite a rise in overall market
- Bulls and Bears of EOS are asleep. EOS/BTC pair has seen a loss of 0.253% in the intraday session
EOS is a cryptocurrency that operates on its own blockchain platform. EOS uses a unique consensus mechanism called the Delegated Proof of Stake (DPoS). Unlike the more traditional Proof of Work (PoW) mechanism used by many other cryptocurrencies, such as Bitcoin, DPoS allows for a more efficient and scalable system. It has a built-in mechanism for funding the development and maintenance of the EOS ecosystem. This mechanism is called the EOSIO Block Producer (BP) and it allows for block producers to receive a portion of the network’s token inflation as a reward for their services. This helps ensure that the EOS ecosystem is continually evolving and improving over time.EOS also differentiates itself by having the concept of “smart contract” similar to that of Ethereum which allows for the creation of decentralized application, but what’s unique is EOSIO using a more powerful, faster and efficient technology, which also allows for more scalability.EOS has become an attractive choice for developers who are looking to build decentralized applications (dApps)
EOS has a market cap of $1.01 Billion and is ranked 39th in the cryptoverse. Volume of the asset price has seen a gain of 1% in intraday session. Volume to market cap ratio of the asset suggests a consolidated trend.
Bulls Are Gearing Up For A Run
The weekly technical chart of the EOS suggests a consolidated trend in price. EOS is currently trading near $0.942 with a gain of more than 0.64%. The upside trend of the asset price can see a halt near $1.5. Meanwhile the support of the asset price can be observed near $0.55. It is currently trading above the 50 and below 100 DMA. There can be a positive crossover which can push the asset price to a new high. On the 4 hour chart it has shown a strong upside trend. Various analysts are expecting a strong growth in the future
Conclusion
EOS is currently staggering as the overall market rises. EOS price is currently in an consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$0.75
Major Resistance: $1.5
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
