- The trading volume of the EOS crypto has declined.
- The price of EOS crypto is up by just 64.1% from its all-time low price.
EOS is a blockchain platform addressing scalability issues in decentralized applications (dApps). It offers faster transactions and user-friendly interfaces.
Utilizing a delegated proof-of-stake consensus, it enables token holders to vote for block producers. EOS token, native to EOSIO, powers transactions, facilitates governance and was created by Dan Larimer and Block.one.
The EOS crypto seems to be facing negativity as the market cap of the crypto has declined by 3.97% in the last 24 hours from the time of writing. Moreover, the market cap of the crypto is $881.781 Million.
EOS token has a market cap ranking of #88 as per CoinMarketCap and the fully diluted market cap of the crypto is also the same. Moreover, the trading volume for the token has declined by 18.06% resulting in a traded volume value of $95.535 Million.
The volume/market cap ratio of the crypto is 10.74% and the circulating supply of the crypto is 1.125 billion EOS. Also, the total supply of the crypto is the same as the circulating supply. Also, the max supply of the crypto is infinite.
Moreover, the market cap dominance of the crypto is 0.04% and the sentiment of the crypto is bearish. The fear and greed index of the crypto is at 64 indicating greed and the supply inflation of the crypto is medium resulting in 3.22%.
EOS Crypto Derivatives Analysis
The long liquidation for the crypto is $630.50K as per Coinglass while the short liquidation for the crypto is $6.81K.This represents the strong dominance of sellers over the last 24 hours.
The derivatives trading volume of the crypto has further declined by 22.99% resulting in $125.94 Million and the open interest of the crypto has declined by 4.33%.
EOS Crypto Technical Analysis
The EOS crypto price has been consistently taking support at a dynamic trendline and based on the recent price action, the price of the crypto can be seen taking support at the same trendline.
The price further is taking support at the same level but the candlesticks formed on the chart indicate a higher possibility of further decline in the trading price of the crypto.
Thus, if the price of the crypto declines below the dynamic trendline, it might continue to decline to further lower levels.
EOS/USD Chart by TradingView
The EOS crypto price is trading below the 20-day and the 200-day EMAs following which the EMAs have also formed a bearish cross on the chart. This further confirms the downtrend in the crypto price.
The MACD indicator highlights a bearish trend on the daily chart of the crypto. The RSI is losing momentum as it has consistently sustained below the 50-level and has also declined below the 14-day SMA recently.
Summary
EOS cryptocurrency faces declining trading volume and market cap. Despite being down just 64.1% from its all-time low, EOS, a blockchain platform for dApps, grapples with bearish sentiment.
Technical analysis suggests potential further decline if it breaks dynamic support. With declining derivatives volume, sellers dominate, signaling potential downside continuation.
Moreover, the crucial support level for the crypto is $0.520 and 0.660 while the price might face resistance at $0.960 and 1.150.
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.