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EOS

OS Price Moves up Again Through Slow and Steady Approach

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A lot of eyes in the cryptocurrency industry are on the top markets. Since Bitcoin dictates the pace for all altcoins, tokens, and assets, its momentum is of great interest to many people. The EOS price is currently benefiting from this positive spell, although it might not necessarily regain the $5.5 level and turn it into support right away.

EOS Price Momentum has Some Promise

When it comes to the different cryptocurrency markets, one has to wonder when the next breakout will occur. As of right now, it seems unlikely any major changes are expected, albeit one never really knows what the future will hold in this regard. For EOS, the current momentum seems promising, although there is some bearish pressure on EOS/BTC as well. This is in line with most of the alternative markets as of right now.

To put everything in its proper perspective, the EOS price has gained 1.53% to rise to $5.48. It is not that far removed from the $5.5 level, although one never knows for sure if such “crucial” levels can be reached in the coming hours and days. What is slightly more worrisome is the EOS/BTC dip of 1.55%, which can eventually drive the value down to 0.001 BTC or lower in the near future. That would be a worrisome development, although it might not necessarily happen for some time to come.

On social media, there are a lot of tidbits of information to browse through. TrexCryptoMania shared an interesting picture which depicts further growth of the EOS dApp ecosystem, as well as its trading volume and transaction volume for the past week. All of these statistics are impressive in their own regard, albeit they may not have any impact on the price whatsoever. Even so, everything looks good where EOS is concerned, whereas ETH seems to be dropping off all across the board.

Speaking of which, it would seem both Ethereum and EOS were top performing cryptocurrencies in the past week. However, Ethereum noted some big losses as well, whereas EOS seemingly managed to hold its own quite well without any major problems. How both markets will correlate throughout this week and the months to come, could prove to be rather interesting to keep an eye on.

As has been the case for quite some time now, it seems EOS is subjected to arbitrage opportunities on a nearly daily basis. As of today, there are several options to explore in this regard, with profits going as high as 1.43%. While this might not necessarily be that appealing to some traders, any profit is better than having to deal with financial losses.

As the EOS value seems to push toward $5.5 once again, one has to wonder how things will pan out in the very near future. As long as Bitcoin remains in the green, it seems rather likely to assume all other top markets will see a very similar pattern. The overall crypto trading volume still remains on the low side, for some reason, but that isn’t deterring most of the markets at this time.

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EOS

EOS Creator Dan Larimer Points Out Possible Flaws in Relation to the Lightning Network

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Over the course of the past few months, many crypto proponents have hailed the Lightning Network (LN) as being a “one-stop solution” for all of BTC’s existing scalability issues. However, in the same breath, there are also people like EOS Founder, Dan Larimer who believe that this technology carries with it it’s own set of problems.

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Thus, in this article we will look at some of the key issues raised by Larimer and whether they are as serious as he makes them out to be.

A Closer Look at the Matter

In a recent back and forth with Reddit’s global crypto community, Dan Larimer stated that the Lightning Network is designed to “hijack Bitcoin’s core protocol”. Not only that, in his opinion there currently exist “a host of other problems” within LN’s framework which he refused to elaborate upon due to certain “time constraints”,.

Also, it should be pointed out that Larimer is not the only person to hold this view, as recently crypto expert Peter Ruzin too published a blog on Medium highlighting some of the main issues associated with the layer-2 scaling solution.

In regards to the matter, he was quoted as saying:

“The Lightning Network is a solution for high transaction fees that only works when transaction fees are low.”

Not only that, Ruzin also went on to add that he would not be surprised if in the near future (when BTC’s blockchain would primarily consist of small blocks and high mining fees) lightning entities/ service providers started to lose customer funds due to flaws related with the technology’s existing framework.

He then added that in the coming 5-10 years we could see LN operators resort to things like:

  • Preventing customers from moving their money
  • Charging clients exorbitant “routing and liquidity fees”As a result of the above mentioned problems, the BTC network could possibly become more and more centralized.

Other Key Findings Highlighted by Ruzin

From a technical aspect Ruzin pointed out that LN payments below the $0.02 mark aren’t “trustless” — as a result of which, in the future we could also see some issues rise in regards to this problem. Also, since Hashed Time-Locked Contracts (HTLC) do not work well with small tx’s, some of LN’s native security protocols may be severely compromised if hackers are able to find a way around this loophole.

Lastly, as things stand, LN’s default minimum fee rate stands at10 nBTC/vbyte. As a result of this, it is currently quite uneconomical to claim a “routed micro-payment below the 2,000 nBTC threshold”.

Additional Problems Worth Noting

  • Ruzin and Larimer have also highlighted a lack of “absolute trust” in relation to the Lightning Network as a result of which the scaling technology might not be an optimal solution for voluminous monetary transfers (later down the road).
  • There also exists a liquidity issue when talking about the LN — as a result of which payment failures might become more and more commonplace, especially as widespread adoption of the technology continues.
  • Ruzin believes that Lightning hubs will magnify the issue of centralization but will allow for a reduction in problems related to routing and low-liquidity.

Final Take

With all of these criticisms out there, it should also be pointed out that LN has also been praised highly by a number of other developers who believe that while there are certain issues that need to be addressed in relation to this nascent technology— they are not major and can be rectified quite easily.

In the words of BTC proponent David Harding:

“While certain issues do certain exist with the Lightning Network, they just aren’t worth bothering about at the moment”.

 

Source:bitcoinexchangeguide

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EOS

EOS Price Could Decline Towards $4.00 Before Fresh Upside

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  • EOS price traded towards the $6.00 level and later corrected lower against the US Dollar.
  • The price declined heavily and broke the $5.08 and $4.90 support levels recently.
  • There is a major bearish trend line in place with resistance at $5.20 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
  • The pair remains at a risk of more losses below the $4.50 and $4.40 support levels in the near term.

EOS price started a sharp decline against the US Dollar and bitcoin. The price is currently trading well below $5.00 and it may continue to decline towards the $4.20 or $4.00 support.

EOS Price Analysis

Yesterday, there was a sharp decline in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS surged above the $5.80 and $5.90 resistance levels. The price even spiked above $6.00 before starting a strong downside correction. It broke the $5.50 support level and the 55 simple moving average (4-hours) to start a substantial correction. Later, there was a break below an ascending channel with support at $5.48 on the 4-hours chart.

It opened the doors for more losses and the price declined below the $5.28 and $5.08 support levels. Finally, there was a break below the $4.90 support area and the price recently tested the $4.60 level. A swing low was formed at $4.61 and the price corrected higher. It tested the 23.6% Fib retracement level of the last drop from the $5.49 high to $4.61 low. On the upside, there are many resistances near the $4.90 and $5.08 levels. There is also a major bearish trend line in place with resistance at $5.20 on the same chart of EOS/USD.

Therefore, if there is an upside correction, the price could struggle near $4.92 or $5.08. On the downside, an initial support is near $4.60, below which the price could decline below $4.50. The next major support is at $4.20, where the bulls may take a stand. The final target for sellers could be $4.00 before the price starts a fresh upward move.

EOS Price Analysis Chart

Looking at the chart, EOS price is clearly trading in a bearish zone below $5.08 and $5.20. To start a strong upward move, the price must break the $5.20 resistance. However, a successful close above the $5.28 level and the 55 simple moving average (4-hours) will most likely push the price back in a positive zone.

Technical indicators

Hourly MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI declined sharply below the 40 and it is currently just near the 25 level.

Major Support Levels – $4.60 and $4.20.

Major Resistance Levels – $5.08 and $5.20.

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EOS Surpasses A Record 1 Million Accounts While Price Drops Over 8% Just Like XRP, XLM, & BCH

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EOS Surpasses A Record 1 Million Accounts While Price Drops Over 8% Just Like XRP, XLM, & BCH

The fifth largest cryptocurrency EOS has achieved a big milestone as it exceeds 1 million accounts. Currently, these accounts, that are constantly on the rise, are at a record of 1,010,729. About 30k of these accounts have been added in the last 36 hours only.

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If we take a look at its competitor Tron which is seeing growth at a rapid pace, at the start of April, it had 2.3 million accounts while per its last week report, it has been reported this number has surged to 8.3 million.

In another event, a sovereign nation, the Free Republic Liberland that was founded in April 2015 recently stated that it is looking to build an open source government to maximize the freedom of its citizens.

The country is building a Decentralized Autonomous Government (DAG) that attempts to combine the best elements of democracy, republic, meritocracy, and of course, decentralized autonomous organizations.

Now, for DAG, they have decided to build a new personalized chain on EOS.IO software as the country’s president Vít Jedlička explains,

“We have chosen EOS.IO because it’s a top-rated technology and it provides a lot of the features necessary to run country management on a blockchain. For example, it will allow us to have our national assembly, judiciary and even company registrations in one integrated system that can evolve over time.”

Market Goes Deep Red, EOS Records Highest Losses

As we move towards the end of the month, markets are slowly turning red as a pullback has been expected to be in order. While year till date EOS has surged over 90 percent, at the time of writing, it has been trading at $4.89 with 24-hours loss of 8.38 percent, as per Coinmarketcap.

While the leading cryptocurrency, Bitcoin is down about 2 percent, altcoins are falling harder, this has the BTC dominance rising to 54.5 percent. EOS is the highest loser among the top 10 cryptos followed by XRP, Stellar (XLM), Bitcoin Cash (BCH), and Binance Coin (BNB) that are down by more than 7 percent.

In the entire market, WAX is down the most by 16.81 percent losses. Meanwhile, today’s highest gainer and among the few, is Repo which is in the green by over 30 percent and then BAT which is seeing gains of 4.09 percent.

As cryptocurrencies keep on going red, the market cap is losing billions as well. From yesterday’s $185 billion, currently, it has slide down to $177 billion, losing $8 billion in the process.

Source:bitcoinexchangeguide

 

 

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