News

There have been several conflicting news around EOS in the past few months. First there was the RAM crisis that resulted in sky-high usage fees for the developers who wanted to onboard more people on their dApps. Later we witnessed the EOS block producer drama that surfaced through a leaked document from Huobi that showcased BPs mutually voting for each other in order to solidify their positions in the EOS ecosystem.

Nevertheless EOS managed to survive these initial problems and has been rolling out new releases including version 1.4, which included several performance and QoL changes that resulted in users being able to set up an EOSIO node in the matter of minutes.

Since its launch EOS has been the home for many tokens and also several crowdfunded startups. According to blocktivity EOS is the leading blockhain according to the measure of economic activity, but note here that numbers might be skewed as transactions on the network are free.

Charts

EOS has been in a bear market since the middle of May. The BTC/EOS chart shows us a possible bear pennant or a neutral symmetric triangle forming after breakout out and re-testing the falling trendline. Even though many altcoins have been recently bottoming out and going easy 50-100% gains on Binance, major coins such as EOS and ADA have been so far disappointing price-wise.

Currently as it stands the trade volume is dropping on EOS is dropping, while the price is heading sideways following Bitcoin’s price action. Even though the overall outlook is rather bearish, its not impossible that the price will rise (or fall) as soon as Bitcoin starts moving in either direction from its tight range.

Trading this market is very risky currently, possible confirmation for either the bull or the bear case could be marked with breakout from the top resistance or the bottom support zone. In case the price breaks down from the triangle, we can expect a good short opportunity until the bottom support zone. In case the support breaks, the next major support area is marked with the box below.

The EOS/USD chart is very similar to the first chart we posted. The price broke out from a falling trendline just to build up a similar triangle pattern and follow up with the recent sideways movement. Volumes here are falling as well, setting up a probably violent move to follow. The 2 grey zones mark the top resistance and the bottom support, depending from a breakout in either direction from the triangle, we receive a short or long opportunity.