EOS [EOS] shaves off a chunk $457 mn from market cap: Technical Analysis
As the time is moving, EOS is sinking more into the depths posting heavy losses in the list of top cryptocurrencies in terms of market cap. The assurance of the EOS founder, Dan Larimer about his focus on EOS and the positive approach of Tron founder, Justin Sun to rescue its developers from such critical time failed to make any significant impact to move the coin an inch up. Amid the bearish market condition, the digital asset has underperformed to such an extent that the coin has lost a major $457 million in the last 24 hours. EOS [EOS] is continuing its downward spiral, trading in red like the most altcoins in the market. The coin has declined almost 40% in the last seven days and plummeted nearly 70% in a span of a month.
The MACD clearly indicates that the digital currency has sunk in the bearish territory and the downward trajectory of the coin persists. The 100 EMA line, at the time of writing, suggests that the crypto is exhibiting a downtrend. The coin is currently trading at the newly formed support level, which can be found at $1.71. At the moment, the hourly RSI indicator is traced at 27.8, which implies that the virtual currency has surpassed the oversold level in the market. The digital asset has plunged nearly 21.45% against the U.S. dollar. The overall market value of the cryptocurrency stands at $1.55 billion, according to CoinMarketCap.
At press time, the coin has stumbled 12.51% against Bitcoin [BTC] with one EOS currently valued at around 0.0004994 BTC.
EOS [EOS] Latest Updates
- Justin Sun, the TRON Foundation founder, has recently announced that a fund will be created by TRON to rescue the developers of Ethereum[ETH] and EOS if they move their Decentralized Applications (DApps) to the Tron network, he said in a tweet. In the midst of this severe market collapse, which occurred, in large part due to the Bitcoin Cash [BCH] lawsuit, the collective market cap has fallen to under $110 billion. Both the coins are currently seeing double-digit losses, with the former being the worst performing coin, not just in the top-10 but in the top-30.
- Digital Asset Custody Company, dubbed as DACC, has expanded the token coverage of its Enclave wallet to the smart contract based EOS platform. This leading custodian that is directed towards providing security to digital assets for the token issuers and institutional investors has announced its latest step of its inclusion.
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