EOS benefits from a focus on dApps that incentivize staking. EOS price pattern shows signs of a possible bearish week. The amount of liquidity or total value locked (TVL) is one of the yardsticks used to assess the health of blockchain networks. By this measure, the state of the EOS network looks more promising this […]
The update suggests that the network is achieving healthy organic growth. An evaluation of EOS’ TVL on DeFiLlama confirms that it has indeed been on a positive trajectory from its bottom range in November.Source: DeFiLlamasince it confirms a positive shift for the network. It reveals that liquidity has been flowing into the ecosystem and is perhaps a reflection of the shift to bullish market sentiment.
A comparison between the TVL with the market cap reveals that the TVL pivoted weeks before the bullish recovery kicked off. This begs the question of whether the TVL shift was a healthy early warning sign.There are many factors that affect the levels of demand or sell pressure in the market. However, investor psychology often lends some degree of legitimacy to the chart patterns.
If this happens to be the case with EOS, then we can expect some more sell pressure and a price decline in the next few weeks.Source: TradingView The price-RSI divergent pattern is often associated with a sign that the trend is losing momentum, and a pivot will follow. While this is currently the more probable option based on the aforementioned pattern, it does not necessarily have to be the case. The bulls might still regain control, especially in case strong demand manifests in the next few days.Subscribe to get it daily in your inbox.
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