EOS has recently rolled out a highly anticipated network upgrade in preparation for an upcoming hard fork, which represents a significant milestone as the first major update in years. This upgrade introduces several new features designed to improve the network’s functionality. Despite these positive developments and the approaching hard fork, the market’s response to EOS has been relatively subdued. Additionally, EOS continues to hold a position outside the top 50 cryptocurrency assets based on market capitalization.
EOS Introduces Stable Upgrade
Recently, the EOS Network Foundation made an official announcement regarding the launch of its Spring 1.0 upgrade, named Antelope Spring v1.0.0. This update is considered the most substantial one for EOS since its inception almost seven years ago.
The upgrade is expected to enhance the network’s performance, security, and scalability, enabling it to handle increased transaction volumes more efficiently. These improvements aim to make EOS more competitive and better equipped to support a wider range of decentralized applications (dApps).
By implementing this upgrade, EOS is taking steps to address critical issues and set the stage for its upcoming hard fork, signaling a potential shift in momentum for the network within the crypto space.
EOS Faces Limited Market Response
An analysis of EOS’s price movement reveals a consistent downward trend over the past few months.
The short-moving average, acting as a trend line (yellow line), has served as a barrier to upward movement for nearly six months. Currently, EOS is trading at around $0.466, showing a slight increase of over 2%. Since April, EOS has experienced a decline exceeding 50% following the yellow line switching from support to resistance, as indicated by the price range.
Furthermore, the Moving Average Convergence Divergence (MACD) analysis indicates a bearish trend, with both the histogram and signal lines situated below zero. Despite recent minor positive movements, EOS remains in a bearish phase, struggling against resistance to reverse its downward trajectory.
Comparing EOS to Other Cryptocurrencies
According to CoinMarketCap data, EOS currently holds the 70th position among cryptocurrencies by market capitalization, with approximately $706 million. EOS has faced a considerable decline from its all-time high of $22.71, marking a 98% drop from its peak value.
This significant decrease reflects EOS’s challenges in maintaining its position in the competitive cryptocurrency market.
TVL Shows Short-Term Increase
An analysis by DeFiLlama highlights a considerable decline in EOS’s Total Value Locked (TVL) over time. However, recent figures show a small increase from $115 million to $119 million in just three days.
Despite this slight uptick, there hasn’t been significant activity or growth on the network, leaving the question of whether EOS’s long-term decline will reverse itself unanswered.