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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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Millions worth of USDT and EOS transferred across wallets and exchanges as communities rally

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Today, almost 20 million USDT and EOS worth of more than $3 million was transferred across unknown wallets and popular exchanges.

Significant cryptocurrency transfers have always made news as the movement of a substantial amount of capital has resulted in various shifts in market dynamics. A recent transfer reported by Whale Alert, a cryptocurrency data aggregator, showed that almost 20 million USDT was transferred from an unknown wallet and the Binance exchange.

Since it was a Tether movement, several members of the industry claimed that it was just a pump and dump scheme and that it didn’t’ amount to anything significant. At the same time, the $19.95 million transfer was not taken lightly by other members of the community as the market was moved sideways for some time now. The hash for the transaction was b2db77002bea5f0d66e5411a348e7d8ca1d73e65f8ff230ca0015459ade99a18 with the transfer occurring at block 14487982. The time of transfer was 11:38:39 on the 14th of November.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a balance of a negligible amount of TRX, BTT, USDT, and WINK. The 19.9 million USDT transfer occurred in one fell swoop and not in multiple transfers.

The receiving wallet address was TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX, with the number of transactions clocking in at 1454123. Post the transfer; the wallet had 195.655 million TRX tokens and another 518,816 TRX tokens that settled after BTT transactions. The total balance of the wallet after all the transactions was 22.133 billion TRX.

Tether was not the only cryptocurrency that was transferred between wallets as reports also showed that a million EOS tokens were also sent from one unknown wallet to another. The transfer amounted to $3.409 million and had a timestamp of 5:19 on 14 November. The number one EOS pool was ‘eoshuobipool,’ with the pool being set up in China.

That particular pool had 2.944 percent of all the votes, which was approximately 331.11 million in number. The receiver wallet had an address of ‘vqsaeptppqwh’ at 39 percent RAM usage. The total wallet balance after the transfer was $3.410 million, with multiple transactions occurring at the same time.

EOS had taken a hit recently when Weiss Crypto Ratings stated that Cardano was clearly superior to the eighth most significant cryptocurrency. In June of this year, Weiss Ratings had downgraded the score of EOS because of issues related to centralization.

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Weiss Crypto Ratings says ‘Cardano is clearly superior to EOS’

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Weiss Crypto Ratings, a crypto and financial ratings company, managed to divide the crypto community on Twitter yet again by saying that Cardano is “clearly” superior to EOS. While many were arguing over the merits of each project, most agreed that the company has lost all of its credibility.

Crypto rating company stirs the pot with yet another bold claim

After the ICO boom of 2017 died out, the crypto space seemed ready to adopt more serious, research-driven projects. Companies working on ambitious projects such as Cardano, EOS, and TRON began gaining a lot of traction, each one gaining an incredibly dedicated following.

With that, the competition between similar projects, or projects looking to solve similar problems, began to rise. A deep schism was created in the crypto community, every group more determined than the other to fight for the success of the project it supports.

In such a climate, any statements directly comparing two projects are almost always going to wreak havoc within the crypto community, which is why most steer clear of any controversial statements. Weiss Crypto Ratings, on the other hand, doesn’t.

The rating company gas garnered quite a reputation for its inflammatory comments online. Just last week, the company went ahead with a very bold proposition, suggesting the XRP community should transfer to XLM, as Stellar had more of a “technological advantage” over Ripple’s platform.

Continuing to stir the pot, Weiss then tweeted another unsubstantiated claim, saying that Cardano was “vastly superior” to EOS.

Weiss Crypto Ratings - "Cardano is superior to EOS"
Weiss Crypto Ratings believe Cardano is superior to EOS.

Weiss followed up its assertion in a series of tweets starting with its observation that EOS has centralization problems.

Crypto community united over disdain towards Weiss

In a follow-up tweet, the company shared more details backing up its claim. Namely, Weiss Crypto said that the reason Cardano was superior to EOS was that it had just completed the first snapshot and balance check of the network for the Shelley incentivized testnet.

Cardano completed first snapshot
Cardano completed first snapshot for Shelly testnet

The explanation, as many users pointed out, sounded more like an advertisement for Cardano than a well-thought-out argument.

As expected, the statement caused quite a reaction on Twitter. Hundreds of users responded to the tweet and the reactions were mixed, to say the least. While some contested the assertion of Cardano’s superiority, saying EOS had a far bigger user base and potential, others were adamant in their defense of the yet-to-be-functional Cardano.

However, despite the vast differences in opinion, almost everyone seemed to agree on one thing—Weiss Ratings has lost the little credibility it had.

Leaving EOS and Cardano aside, there is an argument to be made here that a company that provides “unbiased” ratings of stocks, ETFs, financial institutions, and cryptocurrencies should restrain itself from making statements like these.

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EOS.IO Creator Block.one Breaks Silence After Network Collapse

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After the recent EOS-based airdrop of a shady token, the issue of a network governance became really contentious. Today, Block.one made their voice heard.

Block.one, the fintech team behind the EOS.IO blockchain, has issued their first public statement since the recent collapse of the EOS network. From the statement, few could have expected this kind of reaction.

Block.one: It’s Time to Step In

With Block.one holding of 9.5% of the total EOS tokens in circulation, many individuals began to publicly participate in discussing ideas and proposals about upgrading the network. More importantly is the fact that Block.one will begin participating in block producer voting:

We now feel ready to begin playing our proportional role, with the focus of continuing to support healthy upgrades of the EOS network, the official statement says.

It’s ironic and obvious that this forced decision by Block.one is characterized as an exciting milestone “marked by joining the EOS community in more actively furthering the iterative advancement of public blockchain development”. Apart from the BP-voting participation, the only action that is clearly disclosed is the launch of the #EOSGOV hashtag on social media, allowing the public to share their suggestions on how to improve the EOS blockchain.

EOS (De)Centralization: New Page in History

We can say with certainty that the decision made by the EOS.IO leaders will be widely criticized as one more step to EOS network centralization. This story started a year ago when severe whale-dominated nature of EOS.IO blockchain was disclosed. 69 % of native tokens were controlled by 100 accounts in November, 2018.

According to the Whiteblock Report, EOS acts not as blockchain, but as a cloud database, in which transactions may not be verified by cryptographical means. EOSians then reported the transactions, which were reversed by arbitrators.

The decision of Block.one to intervene in the block producer voting process is because of the EOS network cohesion, when the CPU capacity of users were overloaded by an airdrop.

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