thecoinrepublic.com
- 1 EOS foundation is going to grant funds to EOS based applications with EOS EVM launching on April 14
- 2 Technical indicators of EOS are currently favoring a bearish momentum.It has seen a gain of 3.42% in the intraday session
EOS is a blockchain-based platform who prioritize their security performance and developer experience. It was launched in 2018 by a decentralized group of block producers. They aim to offer a more scalable and user-friendly alternative to existing blockchain platforms like Ethereum. EOS is a third generation layer 1 protocol which has a very transaction speed with low latency. EOS high transaction speed is made possible by its delegated proof-of-stake consensus mechanism. It means that token holders can vote for block producers who are responsible for validating transactions on the network, rather than miners as in a proof-of-work system like Bitcoin. EOS can also support large scale dapps which is made by possible by their unique approach to resource managment. Meanwhile EOS foundation is also going to grant funds to dapps based on EOS.
EOS has a market cap of $1.42 Billion and is ranked 42nd in the cryptoverse.Volume of the asset price has seen a surge of 60% in the past 24 hours.Volume to market cap ratio of EOS suggests a consolidated trend in price.
Are EOS Bears Looking To Push Down?
The weekly technical chart of the EOS hints towards a consolidated trend in price. It is forming a bearish candle in the daily chart. EOS is trading near the value of $1.2 with a drop of 2% in the intraday session. Resistance of the EOS can be observed near the value of $1.5.Meanwhile the support of the asset price can be seen near $1.It is trading above the 100 Daily Moving Average. Various analysts are expecting a rise in the asset price in future.
RSI of the EOS is currently near the value of 55 hinting its presence in the neutral zone. There is a downside slope suggesting a downside trend in price.
Conclusion
EOS is going to grant funds to the dapps to boost the ecosystem.Various analysts are expecting a growth in EOS in the future.
Technical Levels
Major Support: $1
Major Resistance: $1.5
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.