EOS Price At The Bottom: Any Sign of Bulls’ Dominance Further?

• The circulating supply of EOS is 100% of its total supply.
• The EOS price has dropped by 30% since April, indicating sellers’ involvement.
• EOS crypto price is up by 68% from its all-time low and down by 96.46% from its all-time high.

In the broader time frame, the EOS price is near an all-time low and has declined by 96.46% from its all-time high. The chart structure shows that the price has been rising by defending the last swing lows in the short term.

In February 2024, the digital asset price gained bullish momentum and witnessed a directional move. This bullish momentum was interrupted near the $1.30 mark, and profit booking was seen.

At press time, EOS price was trading at $0.81 with neutral momentum in the past 24 hours. The market capitalization is $915.02 Million, and the trading volume is $84.05 Million, which has dropped by 31% in the past 24 hours.

EOS Price Forms Ascending Triangle Pattern

On a daily time frame, the EOS crypto price has formed an ascending triangle and is currently near a crucial break out level. The price just slipped below the key moving averages and taken support on the trendline.

A breakdown in the ascending triangle may lead to bearish momentum. If the price slips below the major support level of $0.650, sellers may eye for an all-time low.

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Alternatively, assuming the price starts trading over the key moving averages and trading volume increases, then buying momentum for the short term can be expected. If the different metrics support this bullish momentum, it may approach the 52-week high.

According to the technical indicators, the EOS price traded below the key moving averages at the time of writing. RSI is 48 and has generated a bearish crossover between the RSI and the RSI-based moving average. Comprehensively, the technical indicators are in favor of a bearish forecast.

New Era For EOS Crypto?

Based on a claim by a source on ‘X,’ the EOS Network recently authorized a disruptive tokenomics approach intended to boost the EOS ecosystem’s economic potential. With this, EOS enters a new age. 

The #EOS Network has reached consensus to approve the tokenomics proposal!

❎ Inflation
✅ Fixed Token Supply
✅ 80% Reduction in FDV
✅ 4 yr $EOS Halvings
✅ $RAM Market Support

This marks a New Era for $EOS!

— Yves La Rose (@BigBeardSamurai) May 31, 2024

The salient characteristics of the approved plan are as follows:

1. Fixed Token Supply
2. Fully Diluted Value Reduction (FDV)
3. Halving Cycles
4. RAM Market Support

This proposal aims to create a more sustainable and valuable EOS ecosystem.

Conclusion

The EOS price has been in a bearish trend on a broader time frame. It has declined by 96.46% from its all-time high, which suggests the sellers’ grip is strong.

In the short term, the EOS crypto price is trying to gain bullish momentum by defending its last swing high. The price has formed an ascending triangle pattern and is currently at the crucial level of a breakout.

Technical Levels

If the price falls, the EOS price may take support on the $0.700 and $0.540 levels. On the other hand, if the price gains buying momentum, it may face resistance from the $0.810 and $1.10 levels.

Disclaimer

This article is for informational purposes only and provides no 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.