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- EOS is currently struggling to jump beyond $2 but may see an upside momentum
- Technical indicators of EOS are favoring consolidated momentum.It is trading with a gain of 0.54% in the intraday session.
EOS is a blockchain-based cryptocurrency that was developed with the intention of creating a strong decentralized system. The idea behind EOS was to create a platform that could support decentralized applications (DApps) and smart contracts, and can also address the scalability issues EOS was developed by Block.one, a blockchain software company founded by Brendan Blumer and Dan Larimer. EOS uses a delegated proof-of-stake (DPoS) consensus mechanism, which allows for faster transaction processing and greater scalability than other consensus mechanisms. DPoS also allows EOS token holders to vote for block producers, who are responsible for validating transactions and maintaining the network. EOS is an attractive option for DApp developers, who need a platform that can handle a large volume of transactions. EOS also offers other features, such as its ability to upgrade its protocol without the need for hard forks.
EOS is currently ranked 45th in the cryptoverse and has a market cap of $1.1 Billion.Volume of the asset price has seen a decrease of 15% in the intraday session.Volume to market cap ratio of the EOS suggests a consolidated trend.
Are Bulls Of EOS Ready For An Upside?
The weekly technical chart of the EOS suggests a consolidated trend in price.On the daily chart it is trading near the value of $1 with a gain of 1% in the intraday session.It is currently in a strong consolidated trend but can soon see a new high.Resistance of the EOS can be seen near $1.5.Meanwhile the support of the asset price can be seen near $0.75.It is currently trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the EOS is near 47 suggesting its presence in the oversold zone. It is currently in a downside slope and can soon a new high in the future.
Conclusion
EOS is currently in a consolidated trend due to the fall in the cryptocurrency market. Various analysts are expecting a strong growth in the near future.
Technical Levels
Major Resistance:$1.5
Major Support:$0.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
