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EOS Price Analysis and Prediction for September 16th 2019 – Can EOS HODL $4 Support?

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It’s a great start to a new week for cryptocurrency markets. While there aren’t any big price changes, most markets are in the green today which is a great sign. EOS has finally reached the dreaded $4.0 support level. Let’s take a look at some relevant EOS news and see if anything caused that spike, we will also take a look at the charts and see what they have in store for us.

coinmarketcap
Source: Coinmarketcap

EOS News

The biggest news for EOS, and the main reason the price is exhibiting so much bullish momentum is due to the upcoming EOS version upgrade on September 23rd. As discussed in our previous EOS price prediction:

“THE BIGGEST DEAL ABOUT THE NEW EOS UPGRADE IS THAT IT WILL ALLOW DAPPS TO PAY USERS FOR THEIR CPU POWER.”

This new feature will give EOS a leg up on Ethereum and allow developers to create some truly revolutionary dApps. Ethereum is also gearing up for its ETH 2.0 upgrade on November so the two smart contract platforms are definitely going head to head.

In other not so positive news, NullTX reported how a hacker stole 30,000 EOS by exploiting a gambling dApp. The app in question is called EOSPlay and the hacker used the REX platform which allowed him to stake CPU power and in exchange “negate” other users’ transactions. An extremely clever technique that was going to be used to exploit an app by someone sooner or later.

EOS Price Analysis

eos price chart double top 9/16/19

Relative Strength Index: The RSI is currently at a healthy 43 points. It’s a bit low, but that’s expected given the recent slight price decline.

Bollinger Bands: The price is also leaning towards the low end of the band which most likely means it will stay at the current level for a few more hours at least.

Volume: The volume is surprisingly high at the time of writing. That’s most likely because it’s a start of a new week when market action usually picks up.

Double Top: With the EOS price dropping from a high of $4.15 to a current of $4.09, a double top pattern has formed. This pattern is extremely bearish, but the caveat here is that a double top usually signifies medium to long term trend change. Since we are looking at the 15 minute chart, we are dealing with short term trends. As such, there’s no reason to take the double top too seriously.

EOS Price Prediciton

Because we’re at the start of a new week, and with the EOS and Ethereum upgrades ahead of us, I’m going to predict that EOS will be able to hold the $4.0 support. Even though some news came out about the EOSPlay hack, 30,000 isn’t that significant and won’t have much of an impact on the market. On the other hand, with the new EOS version upgrade coming up in seven days, bullish momentum is in the works for the cryptocurrency.

On another note, it’s important to keep a good eye on Bitcoin’s price movements. As any big swings will have a similar effect on the rest of the crypto markets.

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EOS/USD technical analysis: The technical pattern has just broken to the downside

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  • EOS/USD is one of the worst-performing altcoins today after the price fell 7.18%. 
  • Most of the crypto majors are trading lower today as sentiment remains soft.

The pair has broken a bear flag formation that formed on the four-hour chart and is now heading to the base of the formation at 2.588. 

The psychological 3.000 level has also been broken now and the price is currently holding at 2.939 after finding some support at 2.868 a level used five times in the past as support and resistance. 

The relative strength index (RSI) has also broken lower and taken out two trendlines in recent times. The indicator has not reached the oversold level which could suggest there is some more downside momentum on the way. 

  • EOS/USD is one of the worst-performing altcoins today after the price fell 7.18%. 
  • Most of the crypto majors are trading lower today as sentiment remains soft.

The pair has broken a bear flag formation that formed on the four-hour chart and is now heading to the base of the formation at 2.588. 

The psychological 3.000 level has also been broken now and the price is currently holding at 2.939 after finding some support at 2.868 a level used five times in the past as support and resistance. 

The relative strength index (RSI) has also broken lower and taken out two trendlines in recent times. The indicator has not reached the oversold level which could suggest there is some more downside momentum on the

EOS/USD

OVERVIEW
Today last price2.9381
Today Daily Change-0.23130
Today Daily Change %-7.30
Today daily open3.1694
TRENDS
Daily SMA20 3.00597
Daily SMA50 3.38038
Daily SMA1003.8048
Daily SMA2004.87842
LEVELS
Previous Daily High3.20433
Previous Daily Low3.10187
Previous Weekly High3.37
Previous Weekly Low2.8508
Previous Monthly High4.24
Previous Monthly Low2.4001
Daily Fibonacci 38.2%3.16519
Daily Fibonacci 61.8%3.14101
Daily Pivot Point S13.11274
Daily Pivot Point S23.05608
Daily Pivot Point S33.01028
Daily Pivot Point R13.2152
Daily Pivot Point R23.26099
Daily Pivot Point R33.31765

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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LiquidApps Makes It Checkmate For Costly EOS Computation

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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.

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EOS New York proposes unified incentive model for stakeholders

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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.

Source:newsbtc

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