- The EOS price has declined by 15.29% during the weekly trading session.
- Technical indicators summary reflects bullishness in the current phase.
- The 24-hour trading volume has decreased by 22.22%.
The EOS prioritizes high performance, flexibility, security, and developer experience. It is an open-source, third-generation blockchain platform. The platform has an extensible WebAssembly engine for deterministic execution of near-feeless transactions. EOS uses a delegated-proof-of-stake (DPoS) consensus mechanism that gives token holders governance power according to their stake in the system.
The Six-Month Returns has Decreased to 74.20%
EOS coin price experienced a massive buying from the $0.52 extreme support in October 2023. The price surged 73% to the $0.8811 resistance by forming a decisional point of interest at $0.64, which served as a trampoline for EOS on January 23, 2024.
The price rallied over 110% to the $1.36 major supply level from the $0.6454 decisional POI. The coin price made one last attempt from $1.10 to break above that level but failed to do so. Currently, the EOS price is facing a bearish rage.
The maximum supply of the EOS tokens is unlimited, meaning the currency can be inflationary at any time. The current circulation supply of the tokens is 1.12 Billion EOS, holding a market capitalization of $1.12 Billion.
Price to Volume and Social Dominance
The social dominance, along with price and volume, has been increasing day by day since February 2024. The volume and social dominance reflect more stability than the price, meaning people trust this project.
The trading volume of the EOS coin price is at $197 Million, ranked 75th out of all 9,220 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is at 17.90%, indicating higher liquidity and more accessibility to trade.
Technical Analysis of the EOS Coin Price
The short-term outlook lies above the key exponential moving averages on the bullish side. The 50-day and 200-day EMAs have been acting as dynamic support, and the price rebounded with the EMAs as slips below them.
EOS coin price is facing resistance from the $1.36 major supply level. The price fell 35% to the $0.88 decisional point of interest (POI). In the last two trading sessions, the price formed strong bullish candles, which reflects buyers’ presence.
The price is moving toward the $1.04 short-term high level. If it breaks above that level, the price can surge above the $1.36 level. However, if it slips below the $0.88 support, it may fall to $0.72.
Conversely, the relative strength index (RSI) reflected an internal bearish divergence in the current price momentum. It indicates that the sellers have more dominance in the current phase. The RSI is moving at 49.66 below the signal line.
Summary
EOS is a third-generation layer-1 blockchain that offers high performance, flexibility, security, and developer experience. The platform uses a delegated-proof-of-stake (DPoS) consensus algorithm, giving token holders governance rights.
The current price is facing some pressure from the bears. The price is trading above the $0.88 decisional POI and is moving toward the $1.04 short-term high. If it breaks above that level, the price can surge above the $1.36 level. On the flip side, the price should close below $0.88.
Technical Levels
- Resistance Levels: $1.04 and $1.36
- Support Levels: $0.88 and $0.72
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.