- EOS is under pressure and starts responding from $ 9.5
- Block One is preparing for Voice
While Facebook is consulting with the US CFTC, Block One plans to launch Voice. It is a social media platform that users are not products on. Perhaps that will help stabilize the EOS, which has fallen by 20.5 percent since the beginning of the week.
EOS price analysis
Basics
The ultimate task for any blockchain project is to start a useful platform. As the sphere matures, some projects are ambitious. Block One, the builder of the EOSIO platform, is a fitting example.
Not only did they decide to introduce a consensus algorithm with new concepts such as voting and governance, but the power of the 21 block producers is often a trigger for debate. It is a flaw that critics dig into and speak of centralization.
Nonetheless, EOS is introducing a scalable, fast and reliable network through which projects can start their dApps satisfactorily. Together with Tron, another network with a similar consensus algorithm, the two dominate by the number of dApps supported. Also, they are highly rated by the Chinese CCID.
Even so, Block One does not settle. Their eyes are on creating a decentralized social media run by their scalable, high throughput network called Voice. Block One CEO Brendan Blumer prioritized users, saying Voice won’t pull marketing data from their subscribers:
“Our content. Our dates. Our attention. These are all incredibly valuable things. But for now, it’s the platform, not the user, who reaps the rewards. They deliberately auction our information to advertisers, pocket the profit and flood our feeds with hidden agendas given by the highest bidder. The voice changes that. “
Candle arrangements
For the fifth time, EOS is changing hands at $ 6.36 at the time of writing. Stable and up 1.9 percent in 24 hours, the coin is also the biggest loser compared to last week’s closing price with a 19.8 percent decline. While buyers are in control, taking a top-down approach leaves the bears with the upper hand.
Note that EOS slipped more than 90 percent before bottoming out and finding resistance around $ 9.5. The level is the 61.8 percent Fibonacci from the coins all-time trading range. In order to continue the trend, it is imperative that prices close above the USD 9.5 level.
Accompanying this rally should be high trading volumes, which will provide the necessary push for traders aiming at $ 12. If it doesn’t and EOS falls below the main support trendline and $ 6, prices could drop to $ 3.5 due to the sell-off.
Technical indicator
As mentioned earlier, EOS bulls are in control and the May 27th bull chandelier anchors that trading plan. It has a high trading volume of 10 million. Therefore, a closing price below $ 9.5 or a drop below $ 6 should be made with a high stake, preferably greater than $ 10 million.
diagram Courtesy Trading View. Image courtesy of Shutterstock
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