EOS successfully completed its network upgrade a few hours ago, but the cryptocurrency has been underperforming ever since.
EOS, the native coin of the EOS network, has been underperforming over the last 24 hours. The coin has lost more than 3% of its value so far today and risks dropping below $1 if the bearish trend continues.
The poor performance comes despite the broader crypto market performing well so far today. In the last 24 hours, the broader crypto market has added less than 1% to its value, with the total crypto market cap now around $922 billion.
Bitcoin climbed above $19k earlier today after adding more than 1% to its value in the last few hours. Ether is looking to surge past the $1,300 resistance level but is down by more than 2% in the last 24 hours.
EOS’s poor performance comes despite the EOS Network Foundation announcing the successful completion of its Antelope Leap 3.1 upgrade on Wednesday, September 21st.
This latest development means that the EOS Network is no longer tied to Block.one and Bullish. The team said the switch to Antelope Leap 3.1 would see EOS block producers who operate the public network formally adopt code solely developed under the helm of the EOS Network Foundation (ENF).
Key levels to watch
The EOS/USD 4-hour chart is bearish as EOS has been underperforming over the past few days.
The MACD line is below the neutral zone, indicating that the EOS market is currently bearish. The 14-day relative strength index of 33 shows that EOS is close to entering the oversold region.
At press time, EOS is trading at $1.23 per coin. If the bearish trend continues, EOS could drop below the $1.1724 support level.
However, with the broader crypto market now performing well, EOS could embark on a recovery. If that happens, EOS could move past the $1.3348 resistance level before the end of the day.
Unless there is an extended bullish run, EOS should stay below the $1.4701 resistance level in the near term.