EOS crypto rallies 12% in 7 days: Will the token reach $1?

• EOS has moved closer to its immediate resistance.
• The volume on the network is yet to catch up with the increased TVL.

EOS [EOS] crypto has shown notable gains in the last 24 hours and over the past week. There has been a significant increase in the Total Value Locked (TVL) on the network, indicating a heightened activity level. 

EOS crypto sees daily and weekly gains

AMBCrypto’s analysis of the daily gainers’ chart on CoinMarketCap revealed that EOS crypto was among the top performers in the last 24 hours, with a growth of over 5%.

This placed it as the 26th highest gainer among the top 30 cryptocurrencies. 

Additionally, EOS has made its mark on the weekly gainers’ list, having increased by more than 12% over the past week.

This positioned it as the 29th-highest gainer for the week, highlighting its positive momentum in the cryptocurrency market.

Looking into price trends

AMBCrypto’s look at EOS crypto on a daily time frame over the past week showed a generally positive trend, with the token experiencing gains on most days.

There was only one occurrence of a downtrend within the last eight days. 

The most significant uptrend occurred on the 14th of July, when EOS spiked by over 5%, moving its price from around $0.54 to approximately $0.57.

As of this writing, EOS continued to trade within the $0.57 range, showing a modest increase of less than 1%. 

Source: TradingView

This series of positive movements has shifted EOS into a bullish trend. The Relative Strength Index (RSI), which has crossed just above the neutral 50 line, supportsed this, indicating a bullish trend, albeit mild.

This movement in the RSI suggested that while the trend was upward, it remained relatively weak, and EOS may need more robust market support to sustain a stronger bull run.

TVL sees spike 

AMBCrypto’s analysis of the Total Value Locked (TVL) in EOS, on DefiLlama, revealed a significant spike, suggesting increased activity and commitment within the ecosystem.

Specifically, between the 5th of July to press time, the TVL surged from approximately $86.3 million to over $124 million. This upward trend indicated a growing interest in staking and other TVL-related activities. 

Source: DefiLlama

Read EOS’ [EOS] Price Prediction 2023-24

However, the trading volume did not mirror this trend. As of this writing, the trading volume was around $276,000 — relatively low and unable to align with the substantial increase in TVL.

This discrepancy might suggest that while more assets are being locked into the network, they were not necessarily translating into increased trading activity.