EOS [EOS] encounters high seller pressure amid falling market: Technical Analysis
On Monday, as the coins begun trading with sluggish momentum, the entire crypto market dipped in red with EOS showing no difference. The sellers are gradually taking over the market pushing the 5th most valuable digital asset to the oversold level. With the retreat of the bulls from the market space, the cryptocurrency has posted considerable loss. In the previous phase, the digital asset has failed to fare well as EOS has gained almost 2% in the last seven days and has gone down almost 8% in the past one month.
The MACD exhibits that the altcoin is trading in the bearish zone and the 100 EMA line, at press time, indicates that the coin is in a downtrend. The crypto is currently trading far from breaking out its key resistence level, which can be found at $2.50.
The hourly RSI indicator was noted at 35.4, which suggests that the digital asset is approaching towards the oversold level due to heightened selling pressure in the market. As per CoinMarketCap data, the market cap of the coin stands at $2.11 billion. At the moment, the cryptocurrency has lowered 5.58% against the U.S. dollar to trade at $2.34.
The digital currency has edged down almost 1.01% against Bitcoin [BTC] and currently, one EOS is valued at around 0.0006569 BTC.
EOS [EOS] Latest Updates
EOSIO has delighted the community members with the release of its latest version 1.6.0 that is designed to boost performance and efficiency of the application. Announced on 18th January, EOSIO software has also come up with new tools in its Contract Development Toolkit (CDT). The team has already come across positive changes in sustainable transactions per second, reduced latency on blockchains based on EOSIO and lower costs of CPU. Besides, an overall performance escalation, the updates are directed towards stepping up the peer-to-peer networking layer efficiency. It also focuses to improve the transaction on a real-time basis to holistically push up the transaction speed.
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