tl;dr
The native token of the EOS Network, EOS, has reached a market cap of $1.74 billion, its highest level since November 2022, following a 165% price surge over the past 30 days. Despite being 95% below its all-time high, the altcoin has seen increased demand, leading to its market cap growth. The rise...
EOS, the native token of the EOS Network, has reached a market cap of $1.74 billion, marking its highest level since November 2022, following a 165% price surge over the past 30 days.
Despite being 95% below its all-time high, the altcoin has seen increased demand, leading to its market cap growth. On-chain analysis suggests the potential for further gains, with the surge in open interest and positive momentum indicators indicating the possibility of the price rising to $1.21 and eventually $2 in the short term. However, increased selling pressure could lead to a drop in market cap and a price slide to $0.93.
The rise in market cap is attributed to the price increase, with on-chain analysis suggesting the potential for further gains. The surge in open interest and positive momentum indicators indicate the possibility of the price rising to $1.21 and eventually $2 in the short term. However, increased selling pressure could lead to a drop in market cap and a price slide to $0.93.
On November 4, the price of EOS was $0.42. However, as of this writing, it has risen to $1.12, indicating that the altcoin experienced an increase in demand over the past few weeks. While the project did not have any major development driving the rally, it appears that the rising interest in relatively old coins played a role in the hike.
When the open interest (OI) increases, it means that more liquidity has entered the derivatives market, indicating an increase in buying pressure for the cryptocurrency. From a price perspective, the surge in OI, alongside the increase in EOS price, suggests that the market value might continue to climb.
On the daily EOS/USD chart, the Awesome Oscillator (AO) reading has increased. The positive reading, which also shows a green histogram bar, indicates that momentum is bullish. If this remains the case, the price might rise to $1.21 and eventually $2 in the short term. On the other hand, if selling pressure rises, the EOS market cap might drop, and the price could slide to $0.93.