LINK has exhibited a bearish outlook over the last 24hrs. LINK/USD pair is down by 7.9% having moved from $3.47 to the current rate of $3.19. The downtrend was buttressed by the 21 day MA that is currently gravitating above the 7-day MA that indicated a bearish signal. The coin has a max total supply of 1 billion coins and a circulating supply of 350 Million coins over the last 24hrs.
The RSI indicator sharply dipped from a high of 60.48 to a low of 26.22 that showed that the market is on an oversold territory. This also indicated high increase sellouts; thus, traders should get set to go long in the next few hours.
In addition, the RSI indicator is currently heading north that showed the reluctance of investors to sell their coin in anticipation for much better prices. The massive dip of the pair’s price has, however, affected investor’s sentiments negatively.
At the moment, the RSI is heading north that indicates a bullish signal. New targets should be set at $3.3000
IOTA/USD pair is also down by 0.8%. It began trading yesterday at $0.3984 and is currently trading at $0.3957. The bearish signal was reflected by the 21 day MA that has crossed over the 7 day MA that indicates a bullish signal.
IOTA saw a bullish momentum that fluctuated the price to rally to a high of $0.41447 that was reflected by the RSI indicator X that was seen above level 70. This indicated an overbought market momentum at that period of time.
The RSI, later on, dipped from a high of 75.83 to a low of 38.12, which, showed an increase in sellouts. This indicated a lack of confidence in the coin by investors. New resistance level was placed at $0.4121, and support level was at $0.3978 where they were both tested severally. Notably, only the support level was broken, which indicated a bearish price movement.
At the moment, almost all the indicators point at a bearish price rally. With the RSI currently heading south and the 21 day MA trading above the 7-day MA. Further downtrend should be expected. New target should be set at $0.3800.
Like LINK, EOS has also exhibited a bearish outlook in the last 24hrs. Apparently, it is down by 1.95% having begun trading at $6.01 to the current price rate of $5.91.
The RSI indicator was also seen hovering between level 60 and 40, which indicated that EOS was trading on a sideways price movement. The moving averages were also seen intertwining, which, showed that the market has likely lacked momentum.
In addition, either buyers or sellers dominated the market momentum. Resistance level was later on placed at $6.0120 and support level at $5.8729. Notably, both resistance and support levels were tested in several instances.
Currently, the 7-day MA is above the 21-day MA, which indicates a bullish signal. Traders should expect an upward price rally in the next few hours whereby resistance level is likely to be broken. New targets should be set at $6.0200.
LiquidApps Makes It Checkmate For Costly EOS Computation
EOS scaling project LiquidApps, best known for its off-chain DAPP Network, has achieved another major breakthrough. Not content with driving down the cost of vRAM, LiquidApps has pulled off the same trick with vCPU, bringing low-cost computation to EOS projects without compromising decentralization.
The horizontal scaling solution pioneered by LiquidApps, first with DAPP Network and now with vCPU, is the polar opposite of traditional blockchain scaling approaches, which operate vertically through increasing node validation capacity. The latter method eventually reaches a ceiling that thwarts further optimization attempts. LiquidApps’ approach, which involves taking the bulk of all computation off-chain, frees up precious resources on the EOS network while dramatically driving down the cost of computation to dApp developers.
Checkmate for costly CPU
To demonstrate the efficacy of its new vCPU product, LiquidApps has created LiquidChess, a simple but effective proof of concept. Two-player chess games can be experienced, with the moves recorded on-chain but the computation to verify the legality of each move occurring off-chain. There’s also no need to create a blockchain wallet to play the game thanks to the LiquidAccounts service that provides free accounts for EOS dApps.
Blockchain chess might sound like a primitive proof, but it’s a move that resonates far beyond the confines of the 8×8 board. The ability to perform computation off-chain opens the door to virtually unlimited CPU usage, far in excess of anything a blockchain could provide. Just as importantly, it does so without materially forgoing decentralization. The same DAPP Service Providers that supply vRAM on the DAPP Network can now provide vCPU to the same clients. For the first time, developers can build and run dApps cheaply without having to worry about coding a viral hit, whose runaway success lands them with unsustainable computational costs.
Why cheap CPU matters?
As EOS has matured, it’s had to contend with a number of growing pains that have deleteriously affected dApp development. Reliable CPU has proven to be a particular sticking point due to limited capacity at times that’s frustrated developers. Staking EOS tokens entitles projects to a time-denominated amount of Block Producer resources. The high volume of transactions on the network have meant there hasn’t always been enough CPU to go around, or at least not at an affordable price.
LiquidApps’ vCPU is a milestone in blockchain scaling, not just for EOS, but potentially for other smart contract chains too where the same technique can be applied to slash the cost of on-chain resources and free up valuable block space and node verification capacity. LiquidApps just changed the game for good.
EOS New York proposes unified incentive model for stakeholders
Recently, EOS New York published a proposal about creating a unified incentive for stakeholders and improving decentralization and performance of the network. According to the post, the blockchain is mostly operating on default EOSIO settings, with very little features differentiating the EOS blockchain from the EOSIO software on which it is based.
The proposal shows that the current EOS incentive model is structured to encourage users to exhibit behavior beneficial to the individual, but not necessarily favorable for the blockchain as a whole. In the search for greater returns, users can perform actions that contribute to lower decentralization on the network, such as Sybil attacks and vote trading. This could lead to a consensus being held by a few powerful actors, which could prevent businesses from deploying on EOS.
The blog post read,
“In a Sybil attack, the attacker subverts the reputation system of a peer-to-peer network by creating a large number of pseudonymous identities and uses them to gain a disproportionately large influence.”
Since individuals can register several block producer accounts and increase their voting weight at relatively insignificant costs, the EOS consensus model is not Sybil-resistant. The proposal addresses this by adjusting and reallocating inflation, with block pay and vote pay reduced to 0% and token-holders being awarded 100% of inflation through staking rewards or by lending to REX.
Further, the 1 token 30 votes will be changed to 1 token 1 divisible vote, where each additional block producer votes for divides, rather than multiplies, the total vote weight. This would make voting coordination between large stakeholders no longer feasible.
The post also proposed that voting divert 50% of inflation that otherwise would have been received, where 20% is earmarked or burned to create a buffer that makes it more profitable to self-stake, rather than self-vote. This, combined with sending 80% to the block producer rewards pool, creates a general disincentive to vote.
To counteract this disincentive, a voting inflection point (VIP) has also been proposed and set to 30% of issued EOS, where if the total tokens voting relative to the total supply drops below the VIP, staking rewards are toggled off, inflation is reduced and all of it is awarded to block producers. The total votes are expected to always float around the inflection point, standardizing the capital threshold of attack against the network.
Additionally, block producers will be paid a percentage of EOS tokens in the pool based on rank, with higher ranks reaping higher rewards. Further, block producers that miss more than a certain number of rounds scheduled in a specified pay period will not be eligible to claim pay for that period. Once this threshold is reached within the given period, the total inflation of the system issued to all stakers and block producers decreases rapidly for that period and refills slowly over time, ensuring BP performance as a shared top priority for token holders.
The inclusion of a staking model ensures that staked resources are not diluted and can provide DApps with funding for EOS accounts, while attracting token holders to the platform. Overall, this will allow token holders to earn greater rewards without impacting decentralization on the network.
Finally, the blog also claimed that since EOS is currently too large and valuable to be subject to change all at once, the proposed changes are to be rolled-out slowly in phases.
EOS Keeps the Bearish Run Intact; Price Hovers Around $3
EOS is battling in the downtrend for a long time. The coin was at $4.3 on August 01, 2019. The month ended with a substantial loss of 23.57% at $3.3. The fall continued in September also. Lately, the currency has experienced a little improvement, and the same is indicating towards a better future.
We have entered in the last quarter of the year. All eyes are upon the board for a better closing. Let’s have a look at the last month’s price movement of EOS.
The last month started with a moderate price movement in EOS. There was an uptrend noted, which took the EOS price to $3.9613 from $3.2560 by 21.8%. Later, the price fell to $3.7153 by 6.21%. Then, again, it went up and reached $4.2384 by 14.55%. Later, the tremendous fall brought EOS price down to $2.4193 by massive drop of 42.92%. There was a recovery in the last few days. That took EOS coin price to $3.1259 by 29% progression. The month locked 6.54% loss as it opened at $3.3445 and closed at $3.1259. The ongoing month is reflecting upward movement. In the last few days, EOS moved from $2.9971 to $3.3700 by 12.4%.
EOS Price Prediction
EOS is dealing among the top ten cryptocurrencies in the market. Traders are still hoping for an improvement and thus sticking around. EOS is also speculated to experience the price rally soon.
As per the current statistics, the market cap of EOS is at 2,935,684,716 USD. Out of the total supply of 1,032,096,275 EOS, there are 935,396,263 EOS coins circulating in the market. The ROI is at 204.31%. The 24-hour volume is at 1,675,918,670 USD.
EOS has recovered strongly and likely to break its next resistance of $3.25 soon. By the end of 2019, EOS is likely to trade above $4.20. We would recommend long-term investment as it would give a colossal profit.
Resistance & Support Levels
R1: $3.25, R2: $3.33 and R3: $3.42
S1: $3.08, S2: $2.99 and S3: $2.91