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Marko Jovicic

EOS

Question

Can you share your assessment of EOS price action? Also, if there’s anything connected to fundamental developments that is worth mentioning
 

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Hi Marko, thanks for coming here.

When it comes to EOS, Block.one, which owns 10% of the total supply of EOS tokens, outlines the requirements that block producer’s candidates must meet in order to receive the company’s support. These are:

1. The general location of the node has been disclosed publicly through the BP JSON file;

2. The block producer candidate’s node should be publicly queryable;

3. The node should be running EIOS v2.0 or higher.

Kevin Rose, who is currently in charge of the relations between Block.one and the EOS community, explained that the first requirement was “only a factor” that will be used to determine who will receive support. 

“As with any public decentralized blockchain, understanding the general geographic distribution of block producing nodes is helpful information for self-evident reasons.”

Last week, the crypto media outlets reported that EOS’ Block.one was sued by the Crypto Assets Opportunity Fund (CAOF) for allegedly misleading investors.

Technically looking, the ascending trend line has been supporting the EOS price at $2.46 from pushing lower. On the upside, the 100-DMA resistance is providing resistance, while its break would pave the way for a move to target the 200-DMA at $3.04.


 

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Hi Marko,

EOS’s social engagement has been on the rise throughout the year’s first quarter. Block.one, the organization behind the coin’s blockchain, is repurchasing equities to make room for more strategic stakeholders. This could also be an attempt to reinforce ownership and escape media scrutiny.

In a past interview, Organization boss Brendan Blumer stated excessive transparency could hurt their competitive advantage. However, he emphasized ambition and balance sheet strength as the company’s distinguishing features. Note that Block.one has conducted a similar buyback in the past. Early this year Pioneer users got a 6,567% ROI, equivalent to $6.6 million per $100,000.

The company has also unveiled its social network. Dubbed Voice, the platform will utilize the EOS blockchain and concentrate on the community as opposed to selling products. The coin may encounter a major shift this month as it approaches the $3.00 resistance. Hence, exceeding $3.10 is necessary for triggering a brief purchase and setting the pace for the $4.00 medium-term buying point.

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Hi Marko, thanks for asking the question.

Last week, EOS price dropped more than 8%, hitting the $2.50 mark again. Furthermore, new research showed that EOS blockchain experienced a developer exodus of 85%, which may result in further selling of the coin.

The price action is now hovering around the $2.50 mark while the 100-DMA comes around $2.54. 

The ascending trend line is acting as support to the price action, while in the mid-term, the horizontal support near the $2.15 handle could be a decent investment opportunity.

Venture platform Outlier Ventures conducted research that showed that developer activity on EOS blockchain has plunged by 85% over the last year. Developer activity fell significantly on other blockchains as well, including TRON and Bitcoin Cash - 63% and 51% respectively.

Even though "the majority of major protocols saw a moderate decline in developer activity (no more than 20%)", most likely because of the coronavirus, EOS (-86%), Bitcoin Cash and TRON "saw the largest declines in active developers":

"In the case of EOS, there is likely continued decline following the 2019 launch of its main network and core developers moving away from the protocol...".

According to the research, the developers are less interested in the blockchain since the main network was launched. Apart from the exodus, the number of updates to EOS codebase on Github plummeted by 94%. Also, EOS has launched a very small number of decentralized apps since 2018, owning only 9% of the total number of dapps in the sector.

Hope that helped.

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Hey Marko,

EOS price maintained its level until Friday when it surged sharply and peaked in the next morning.  EOS even found a new support level, however, the coin broke it the following day when its price dropped to the initial value from the start of the last week. 

Furthermore, following a market-wide bull rally, EOS surged once again and even topped its weekly peak.

In 2020, EOS price had great rallies in the first two months but collapsed after that due to coronavirus crisis, just like the rest of the crypto world. However, many cryptocurrencies managed to recover to their pre-crash values, but EOS didn’t. 

EOS has good prospects for long-term growth but the coin will have to move past some very strong resistance levels.

I hope that helped.

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Hi Marko,

Price of EOS has reverted lower to test the broken descending trend line once again. In the meantime, open-source software publisher Block.one finally rolled out social media platform Voice, which has been built on EOSIO blockchain protocol. 

EOS/USD has fallen below $2.60 to touch the broken descending trend line again as the bulls try to bring new EOS investors. EOS climbed to $2.73 last week and hit a new monthly high. 

The descending trend line served as a 2-month resistance for the bulls. Retesting it might help attract new EOS investors and break below the trend line would represent a significant development. 

EOS price declined more than 3% this week and it seems like the cryptocurrency can’t fully recover since it declined 11% in June. 
 

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