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EOS price analysis: EOS/USD bulls strengthen their grip

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  • EOS has potential to trend towards $5.0 in the near if technical levels stay intact.
  • EOS is likely to consolidate above $4.0 in the short-term.

EOS is rising in value during the weekend European session. The upward correction is welcome following the recent dip to $3.30. The last couple of days have seen the buyers fight tooth and nail to come out of the bear range.

The initial jump above the 50 Simple Moving Average (SMA) 1-h resistance gave the price a kick in an engulfing candlestick. EOS/USD stepped above $4.00 but corrected under the moving averages before finding support at $3.8. At the time of writing, EOS has recovered past the 50 SMA resistance and is exchanging hands a $4.20.

Also Read: Bitcoin market update: BTC/USD bulls too timid to launch an assault on $11,000

The hourly chart shows EOS having the potential for further growth towards $5.0. The Moving Average Convergence Divergence (MACD) is trending upwards. The increasing divergence north is a signal for more buying positions. The 50 SMA having jumped above the longer-term 100 SMA is a key indicator for greater bullish influence and that EOS is likely to consolidate above $4.0.

However, the traders must be on the look for the Relative Strength Index which is currently ranging at 70. This could mean that the bulls are getting exhausted and in the near-term a correction back to the support at $4.0 and $3.8 is likely.

EOS/USD 1-h chart

source;.fxstreet

EOS

EOS Technical Analysis: EOS/USD is heading for some serious technical levels

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  • EOS/USD is heading towards a major resistance level
  • Price action points to a move higher but volumes dont confirm the move
  • Market found support at 3.30
EOS hourly Chart

EOS/USD on the two-hour chart above is heading to a critical level of 3,800 and beyond that, the psychological 4,000 level lies in wait. 

Price action today has been bullish as it has been with most cryptocurrencies but the volume on the Kracken exchange is not supporting the bullish view.

On August 15th price bounced off the key daily support level is 3,300 to move 12% higher to where we are today despite another test of the downside yesterday (21st August).

The Daily chart below is showing 4,417 to be another major resistance zone if indeed the 3,800 manages to break. 

On the plus side, there has been a bullish cross in both indicators on the daily chart and the hourly indicators still seem to be in positive territory although the Stochastic is showing signs of exhaustion. 

EOS Daily Chart

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Wikipedia Co-founder fears EOS centralization at the hands of the Chinese

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Blockchain protocol EOS’s governance model and centralization have been at the center of controversies, since its inception. From Weiss Ratings lowering EOS’s grade over centralization issues to getting tangled in the alleged reversal of transactions and Dan Larimar’s comments when he “confirmed” that decentralization was not their topmost priority, stating “it isn’t what we’re after” in a YouTube video, the entire EOSIO team has had to face several troubles.

The latest to join the bandwagon and express concerns over the same is Co-founder of Wikipedia, Larry Sanger. He tweeted,

“We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.”

Sanger’s reaction was to the Founder and Managing Partner of Blockchain Capital, Brock Pierce’s recent video in which he said that vote-buying cannot be stopped. “I don’t think there’s any way to eliminate that,” he had said.

In order to tackle this problem, a solution that he proposed was by “adding more value to other block producers, beyond just the top twenty-one.” When asked if the recently unveiled Block.one’s Voice app could be leveraged to tackle the ID issue to reduce the chances of automatic accounts being created to improve the voting system, Pierce said,

“..there’s a lot of Chinese people and there are a lot of Indian people in a world where one person one vote will have the entire network will be Indian and Chinese so I just it’s a reality of numbers right..”

Previously, Brendan Blumer, CEO of Block.one, had proposed a “one token, one vote” system, wherein a single vote has more weight than several votes.

EOS voting system

EOS uses a delegated Proof-of-Stake protocol which enables EOS token holders to vote and elect block producers. These block producers govern EOS and represent the interest of token holders. So, how did the “vote-buying” issue crop up? EOS’s governance model is not as democratic as it seems.

Not all investors who hold EOS tokens vote for Block Producers due to uncertain market conditions. Additionally, many token holders resort to storing tokens on crypto-platforms, shifting the power of voting to exchanges.

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EOS Price Analysis: Bears Eyeing Another Break Below $3.30

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  • EOS price is currently under a lot of pressure and it recently broke $3.600 against the US Dollar.
  • The price is consolidating above the $3.350 support, but it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $3.600 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could accelerate its decline once it breaks the $3.300 support level in the near term.

EOS price is trading in a major downtrend against the US Dollar and bitcoin. The price could correct higher, but upsides are likely to be capped near $3.600 and $3.800.

EOS Price Analysis

In the past few sessions, there was a downside extension in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price recovered after tagging the $3.300 support level. There was a break above the $3.500 and $3.600 resistance levels. However, the upward move was capped by the $3.800 resistance level (the previous support). Besides, there was no proper close above $3.750 and the 55 simple moving average (4-hours).

As a result, there was a fresh decline below the $3.600 support level. Moreover, the price traded close to the $3.300 support and a swing low is formed near $3.360. It is currently consolidating above the $3.350 support, but it remains at a risk of more losses. An immediate resistance is near $3.550 plus the 50% Fib retracement level of the recent decline from the $3.796 high to $3.360 low.

Moreover, there is a major bearish trend line forming with resistance near $3.600 on the 4-hours chart of the EOS/USD pair. Above the trend line, the next key resistance is near the $3.700 level and the 55 simple moving average (4-hours). It also coincides with the 76.4% Fib retracement level of the recent decline from the $3.796 high to $3.360 low.

The main resistance is near the $3.800 level (the previous support). Therefore, a successful close above the $3.800 level and the 55 SMA is needed for a strong upward move in the near term. On the downside, the key support is near the $3.350 and $3.300 levels. If there is a clear break below $3.300, the price could accelerate towards the $3.000 support.

EOS Price Analysis Chart

Looking at the chart, EOS price is clearly facing a lot of hurdles near $3.600, $3.700 and $3.800. Therefore, there are high chances of more downsides below the $3.300 support.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI is currently near the 40 level, with no major recovery sign.

Major Support Levels – $3.300 and $3.000.

Major Resistance Levels – $3.600 and $3.800.

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