Reporter
Published: September 8, 2024
EOS just recently launched a long-awaited network upgrade ahead of its approaching tough fork, marking its very first significant upgrade in years. This upgrade presents a number of brand-new functions targeted at boosting the network’s performance. Regardless of the favorable advancements surrounding the upgrade and the upcoming difficult fork, EOS has actually seen just a moderate favorable response in the market.
EOS continues to rank outside the leading 50 cryptocurrency possessions by market capitalization.
EOS gets steady upgrade
According to a main statement from the EOS Network Foundation, the network has actually simply released its Spring 1.0 upgrade, formally called Antelope Spring v1.0.0. This marks the most considerable upgrade for EOS considering that its creation almost 7 years earlier.
The release highlights that the upgrade will boost the network’s efficiency, security, and scalability, making it much better geared up to deal with bigger deal volumes and enhance general network effectiveness. These enhancements are anticipated to make EOS more competitive and efficient in supporting a wider series of decentralized applications (dApps).
With the upgrade in location, EOS is placing itself to resolve crucial concerns and lead the way for its approaching difficult fork. This can indicate a prospective pivotal moment for the network as it looks for to restore momentum in the crypto area.
EOS sees very little action
An analysis of EOS’s cost pattern exposed that it has actually been on a relentless drop over the previous a number of months.
The short-moving average (yellow line) has actually functioned as a pattern line, verifying the decreasing pattern. This yellow line served as a constant resistance level for EOS for almost 6 months, avoiding any continual upwards motion.
Source: TradingView
At the time of composing, EOS was trading at around $0.466, following a modest walking of over 2%. Because April, when the yellow line turned from assistance to resistance, EOS has actually decreased by over 50%, as suggested by the rate variety indication.
More analysis of the Moving Average Convergence Divergence (MACD) exposed that the pie chart and signal lines were listed below no, showing a strong bearish pattern. The positioning of these signs recommended that regardless of the current small uptick, EOS stays in a bearish stage.
And, the property deals with difficulties in conquering resistance and reversing its down momentum.
How it compares to other crypto properties
According to information from CoinMarketCap, EOS presently ranks as the 70th biggest cryptocurrency by market capitalization. At press time, EOS had a market capitalization of around $706 million. EOS has actually seen a considerable decrease from its all-time high of $22.71, representing a 98% drop from its peak worth.
This sharp decrease suggests EOS’s battles in keeping its position in the cryptocurrency market.
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