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- 1 EOS has seen a weak decline in the TVL. The social dominance of EOS has also observed a slight decline
- 2 Technical indicators of EOS are favoring a downside trend.It is down by 3.22% in the intraday session
EOS is a decentralized blockchain-based platform that prioritizes high performance and good developers’ experience. It was launched in June 2018 and was developed by the company called Block. One. The architect of the network is Daniel Larimer who also worked with various projects. They aim to address some of the limitations of other blockchain-based platforms. EOS is a third-generation layer-1 blockchain that has low latency and high throughput.
The network uses delegated proof of stake which gives governance power to the users. The developers can write smart contracts on the platform which can be written in the Web assembly. The network has a lot of dApps built on its platform. There are 5925892 wallets of EOS which has seen a slight growth in the past few days. The TVL of assets has seen a slight decline as per the data from defi lama. EOS has gained strong attraction since its beginning and can move to a new high in the future.
EOS has a market cap of $1.02 Billion and is ranked 45th in the crypto-verse. The volume of the asset has seen a jump of 28% in the intraday session. The V/M ratio of asset price suggests a bearish move in price.
Are Bulls Of EOS Ready For A New High?
The weekly technical chart of EOS suggests a struggle between the bulls and bears. On the daily chart, it is trading in downside momentum. EOS is currently trading near the value of $0.9824 with a drop of 3.25% in the intraday session. The upside trend of the asset price can observe a halt near $1.2. Meanwhile, the downside trend of the asset price can see a halt near $0.85. There is a downside parallel channel in the daily chart which can push the asset price to a new low. It is trading below the 50 and 100 Daily Moving Averages. There is a negative crossover which can push the asset price down.
The RSI of EOS is near 35 hinting at its presence in the oversold zone. There is no slope in it hinting towards a consolidated momentum.
Summary
EOS TVL is currently in a consolidated momentum but can see an increase in the future. It is currently in downside momentum but can move to a new high in the future.
Technical Levels
Major Support:$0.8
Major Resistance:$1.2
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.
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.
