- The EOS crypto has an infinite max supply.
- EOS token price has lost its value by 95% from its all-time high price (press time).
EOS is a blockchain platform designed for decentralized applications, offering scalability and usability improvements over Ethereum. Its native token, EOS, powers the network, facilitates transactions, and enables governance through a delegated proof-of-stake system. Dan Larimer, the creator of Bitshares and Steem, founded EOS under Block(dot)one, raising $4.1 Billion in its ICO.
Despite the decline in the trading volume of the EOS crypto, the market cap of the crypto has advanced by 4.5% in the last 24 hours. Furthermore, the value of the market cap of the token is $1.209 Billion which also makes it the 84th largest cryptocurrency in the global cryptocurrency market.
The volume/market cap ratio of the token is 22.96% while the trading volume of the token further declined by 34.8% over the last 24 hours. The value of the traded volume for the crypto is worth $280.625 Million.
The circulating supply of the token is 1.119 Billion EOS following which the total supply of the crypto is also the same. Moreover, the fully diluted market cap of the crypto is $1.207 Billion followed by a Total Value Locked of $115.17 Million.
The stablecoins market cap of the crypto is $75.44 Million and the total raised amount by the crypto is worth $4.2 Billion. The supply inflation of the crypto is 3.93% which is considered medium and the market cap dominance of the crypto is 0.05%.
Moreover, as per CoinCodex, the sentiment of the crypto is bullish and the volatility of the token price is also high resulting in 13.47%. The fear and greed index is also indicating extreme greed.
EOS Token Derivatives Analysis
While the derivatives trading volume has also witnessed a decline of 50.3%, the open interest of the token has advanced by 1.13% in the last 24 hours.
The long/short ratio of the crypto is 0.9728 and the long liquidation of the token is $438.88K against the short liquidation of $135.94K. The following data as per Coinglass represents weakness in the trading price over the last 24 hours.
EOS Crypto Technical Analysis
A descending triangle pattern was formed on the weekly chart of the EOS crypto followed by the last few months’ price action. The price, while trading inside the pattern, was slowly declining to lower levels followed by the accumulation phase.
The EOS token price further broke out above the pattern and since then, has been rising consistently. After the breakout, the price advanced by 25% and is still trading in an uptrend followed by the formation of bullish candlesticks on the chart.
EOS/USD Chart by TradingView
The trading price of the EOS crypto has broken above the 20, 50, and 200-Day EMAs, and the following EMAs also formed a bullish cross on the daily chart. The price of the token also has retraced the 20-Day EMA and has positive momentum.
The signal line and the MACD line have given a bullish cross below the zero level and the lines have further advanced to higher levels. The histograms are also bullish, indicating positivity in the price.
The RSI has sustained above the 50-level for a long time, followed by the cross above the 14-Day SMA on the daily chart. The following behavior of the RSI indicator indicates strength in the crypto price.
Summary
Despite EOS’s 95% drop from its all-time high and an infinite max supply, recent market data shows a 4.5% increase in market cap. With bullish sentiments, high volatility, and extreme greed in sentiment indexes, EOS displays strength.
Technical analysis reveals a breakout from a descending triangle pattern, bullish candlesticks, and positive indicators, suggesting that the coming sessions will display bullish momentum.
Technical Levels:
- Support Levels: $0.5260 and $0.6700
- Resistance Levels: $1.92 and $3.160
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.