The EOS price has been in a strong bearish trend in the past few months. After soaring to a high of $14.88 in May, the coin is trading at $2.80. This means that it has crashed by about 81%, making it one of the worst performers in the world. Its market capitalization has crashed to just $2.7 billion, making it the 57th biggest cryptocurrency in the world.
EOS has been a big disappointment to most people. Once touted as a viable alternative to Ethereum, EOS has become a ghost chain that ranks significantly below other smaller projects like Solana, Harmony, Fantom, and Terra. While there are a number of projects built on EOS, data by DappRadar shows that most of them are tiny projects with little or no activities.
In terms of volume, the biggest platform built on EOS is Defibox, whose volume was about $1.64 million in the past 24 hours. It is followed bt Bullish, the struggling cryptocurrency exchange that had a volume of $754k in the past 24 hours. It has just 5 users. In comparison, bigger exchanges like Binance and Coinbase process over a billion cryptocurrencies every day.
Other projects developed in EOS are Newdex, Vigor, Sportbet, and Bapbet. These are relatively small crypto projects.
EOS price forecast
The daily chart shows that the EOS price has been in a strong bearish trend in the past few months. The coin managed to move below the key support at $3 this year. This was a notable price since it was the lowest level in July last year.
EOS price has also moved below the 25-day and 50-day moving averages while oscillators like the Relative Strength Index (RSI) and MACD have been in a bearish trend.
Therefore, the path of the least resistance for the coin is lower, with the next key level being at $2. This view will be invalidated if the coin moves above $3.5.