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EOS and Stellar Lumens Bear Breakout Confirmations

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Latest Stellar Lumens News

For a project to hold on to a position in the top 10, then it means the founders have a workable vision and there is progress as the platform offers solutions. Demand must be there and although some as Stellar Lumens have been labelled as “failed currencies”, their native coin—XLM is resistant to lower lowers as depreciation is not as rapid as others.

In the last year for example, Stellar Lumens prices were mostly consolidating within a 15 cents range only breaking below 15 cents in Q4 2018. Despite this, Jed McCaleb who in a recent interview tore into ICOs, using choice words for the Tron platform admits that the Foundation has been doing a poor job as far as marketing is concerned. He admitted that most people don’t know what Lumens is and have no clue on how the Stellar platform operates even though XLM is a fluid coin and highly capitalized.

But, considering how speculative the space is and how people care for short term gains instead of digging a level deeper to understand what they are getting into. Unfortunately, what seems to tick is destructive vitriol which does nothing other than sniping developers instead of spurring collaboration in the spirit of blockchain.

Stellar Lumens (XLM/USD) Price Analysis

Stellar Lumens

Price wise and XLM is amongst the big losers in the top 10. The coin is down 6 percent in the last day and 5.8 percent in the last week adding to yesterday’s losses. As we can see from the charts, yesterday’s volumes are above average—10 million versus 3 million and this is bearish especially when we add to the fact that bulls failed to rally past our conservative triggers at 15 cents.

Since none of our trading conditions as laid out in previous trade plans were not met, the third phase—the trend resumption phase, of the bear breakout pattern of early Dec 2018 is now valid. In light of yesterday’s losses and the fact that there is resistance off 15 cents, we suggest taking neutral stands on the coin but should XLM find support at 8 cents, then prices may recover. Otherwise, XLM is likely to print more losses in days to come.

EOS Price Analysis

EOS

Similar to XLM, EOS is trading within a clear breakout pattern when sellers crashed and close below the main support line at $4.

The breakdown triggered panic sellers and although there was recovery on late Dec 2018 following dip erosion throughout November, bulls didn’t muster enough momentum to close above the 38.2 percent Fibonacci retracement level drawn between Nov-Dec high low.

Bears are back and from the chart, any close below $2.3 will confirm the trend resumption phase. If that prints out then EOS prices may drop to $1.5—Dec 2018 lows.

Source: Ethereum World News

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EOS Adoption Grows as Exchanges Target its Community

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While crypto enthusiasts, still in shock over last year’s ecosystem-wide price drops, are looking for signs of the next boom, more pragmatic work has been going on behind the scenes. Rather than trying to build and launch the next Bitcoin, industry developers are focused on functional ecosystems with enterprise implications and practical applications.

EOS, a powerful dApp platform with commercial scalability and the fourth most prominent digital currency by market cap, is one of the major players in this regard. With more than 200 dApps and as many as 21,000 daily users, it’s gaining serious traction.

As dApps and compelling gaming experiences are beginning to dominate the industry, there is a considerable turn toward these functional platforms, leading to EOS’ rapid growth.

Now, some crypto exchanges are helping to support this adoption. Recently, exchanges like CODEX, Bancor, and Huobi are focusing their attention on EOS users.

Startups Take Notice

CODEX, a new crypto exchange founded by AtticLab is making it easier for crypto novices and experienced investors alike to participate in the proliferation of the decentralized era.

AtticLab is also a block producer on EOS, and they are a significant player in its ecosystem. Therefore, it’s no surprise to find its exchange providing benefits for EOS community members and users.

Launching in December 2018, CODEX has a growing user base, and their product development, which is especially prescient for EOS users, seeks to further the industry’s bridge between crypto enthusiasts and their favorite platforms.

For EOS users, CODEX offers several infrastructure solutions. For instance, users can generate free EOS wallets. In addition, the exchange has launched the EOS CPU Aid Campaign, which provides support to EOS users who actively use EOS dApps but who also want to trade EOS tokens. The program allows registered CODEX users to request a delegation of 50 EOS tokens worth of CPU, so users don’t have to choose between participating in the dApp economy and trading EOS tokens.

While CODEX seemingly seems an EOS-oriented exchange alone, it has other blockchain projects in mind as well. For example, it is planning to launch an open-source USDT wallet, based on Omni blockchain.

With a rewarding loyalty program for daily users, trade mining features and a multi-stage security audit, EU-regulated CODEX is working hard to prove its worth in the eyes of the crypto community as a whole and EOS users more specifically.

Established Exchanges Shift Their Emphasis

Of course, startups aren’t the only platforms focused on EOS users. In December 2018, Huobi Group announced plans to launch an EOS-dedicated exchange in early 2019. The new exchange will deploy a Distributed Proof of Stake consensus method while allowing EOS users to trade tokens against a variety of altcoins.

The initiative is being undertaken by Huobi Pool, the group’s crypto mining division, and according to the company’s CEO, Cao Fei, “As an EOS supernode, Huobi Pool has placed its ecological development high on its list of priorities…Launching this EOS exchange is simply the next logical step in our support.”

Meanwhile, BancorX, a platform derivative of the popular Bancor exchange, allows users to move seamlessly between Ethereum and EOS-based assets. This cross-blockchain functionality is intended to make blockchain ecosystems more collaborative and practical, something that is defining the next generation of decentralized development.

While many pundits are spending their time looking for the next Bitcoin, crypto enthusiasts know that the decentralized era is about more than just “to the moon” prices. It’s about real-world use and usability, something that dApp platforms are working hard to produce. With CODEX, Huobi, and Bancor, building products to facilitate this ecosystem, the future looks more functional than ever before.

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Wanchain to integrate EOS

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Wanchain will integrate EOS between April and June 2019.

Oliver Birch, Wanchain’s Vice President of Communications and Growth, said that the reason behind choosing EOS is their recent great performance.

Wanchain is a cross-chain collaboration platform, has recently integrated the EOS platform. The integration will be finalized between April and June 2019. Oliver Birch, Wanchain’s Vice President of Communications and Growth, revealed this in the company’s community conference call for this quarter. Birch also mentioned that the reason behind choosing EOS is their recent great performance.

Wanchain tweeted:

“We are very proud of our ecosystem made up of some of the most revolutionary projects and blockchains in the industry. This is only the beginning as we are on a mission to CONNECT Open Finance. RT if you’re excited to join us on this journey!”

Wanchain CEO Jack Lu said:

“We are pleased to be integrating EOS into the Wanchain ecosystem, bridging their powerful dApp community to the Ethereum and Bitcoin networks. EOS also has a strong, global developer and block producer network that will be able to leverage Wanchain’s cross-blockchain platform.”

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EOS market update: EOS/USD lackluster trading prevails

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  • EOS is languishing in bear pressure after the weekend session failed to break past the key resistance at $4.00.
  • Expect EOS continue with sideways trading in the short-term.

EOS/USD opened this week’s trading at $3.81 and ascended to highs around $3.86. Like most of the assets on the market, EOS is languishing in bear pressure after the weekend session failed to break past the key resistance at $4.00.

The crypto has not been able to recover following the devastating declines on February 24. The waterfall drop saw EOS plunged from the highs close to $4.5 to the lows around $3.25. In fact, since the beginning of March is capped at $4.00. At the same time, formidable support has been established at $3.25.

Currently, EOS/USD is valued at $3.77. While the path towards $5.00 is going to be an uphill task, EOS equally supported by the bullish trendline, 50 SMA and the 100 SMA.

I expect EOS continue with sideways trading in the short-term a trend emphasized by the RSI which is horizontal at 50. Besides, bear pressure is still present with the MACD sliding towards the negative region. Various support levels will come to the rescue of the crypto if declines progress below $3.25 starting with $3.0, $2.75 and $2.25.

EOS/USD 4-hour 

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