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- 1 It is forming bearish candles on the daily chart.
- 2 EOS network recently released the beta version of its EVM mainnet.
- 3 Technical indicators of EOS are favoring a downside trend. It has seen a drop of 0.65% in the intraday session.
A Briefer on EOS
EOS is a decentralized blockchain platform that aims to give developers an easy-to-use environment. It was launched in 2018 and was created by Dan Larimer, who also co-founded the Steemit social network and other blockchains. The protocol aims to solve the scalability and achieve high transaction speeds.
EOS uses delegated proof of stake which allows holders to vote for block producers. EOS smart contracts can be written in various languages including, C++, Rust, or even Python. It is a 3rd generation layer 1 blockchain with very low latency.
The protocol has 5,888,720 wallets which have seen an increase of 1.28% in the past 30 days. The biggest holder of EOS is ‘playuplandme’ which has tokens worth $607,369,137. The protocol recently released the beta version of its EVM mainnent. EOS has partnered with the DWF labs with a deal of $60 million.
EOS has a market cap of $1.3 billion and is ranked 44th as per their market cap in CMC. EOS volume gained 18% yesterday and has an ROI of 156%. EOS price is likely to show an increment in the future.
Bears are Pushing EOS Down
EOS has seen an all-time high of $22 but is down by more than 94% since then. The weekly technical chart of EOS hints toward a consolidated trend. It is trading near $1.2 with a drop of 2.73% intraday. The asset is forming strong bearish candles on the daily chart. On the downside trend, EOS can see a halt near the value of $1. Meanwhile, on the upside momentum, a halt in price can be observed near $1.5. It is trading above the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future if the downside trend of asset prices continues.
The RSI of EOS is near 50 suggesting its presence in the neutral zone. There is a downside slope in it hinting towards a bearish trend for the future.
Summary
EOS recently launched the beta version of its EVM mainnent which will help the developers. A strong bearish candle was seen, hinting towards a downside trend in the asset price.
Technical Levels
Major Support:$1
Major Resistance;$1.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
