EOS [EOS] faces high selling pressure as market declines: Technical Analysis
On Friday, the cryptocurrency market steadily began sliding with EOS and other major altcoins posting worrying losses. The year started on a positive note with stable market condition that now has failed to remain. The fifth most valuable digital currency in terms of its market cap could not resist the bearish attack. After a period of gains and upward trajectory of the coin in the market, it is currently experiencing high seller pressure in the market. In a span of seven days, the EOS value has added close to 15% and its value has pushed up by almost 16% in the last one month.
The MACD indicates that the cryptocurrency is trading in the bearish territory. The 100 EMA line, at press time, suggests that the digital currency is locked in a downtrend. As the crypto is moving with a sluggish momentum, it is trading far from breaching the key resistance level, that is formed at $2.95.
The hourly RSI indicator currently stands at 43.3, which shows that the altcoin is experiencing a high selling pressure in the market. At the time of writing, the coin has inched down nearly 3.29% against the U.S.dollar to trade at $2.71. Going by the data from CoinMarketCap, the total market valuation of the coin stands at $2.45 billion.
The digital asset, at the moment, was trading almost 2.15% lower than Bitcoin [BTC] and currently, one token is worth around 0.0007046 BTC.
EOS [EOS] Latest Updates
EOS is seeing a significant hike in prices after Brendan Blumer, CEO of Block.one proposed “vote rebate” to address the EOS vote-buying scandal. Blumer took to Twitter on New Year’s day to propose vote rebate. He said that EOS should change its constitution to enable block producers to pay dividends to the users. He added that this would also give more value to the token holders who provide to block producer’s stake. The proposal could solve the troubles created by the vote-buying scandal including centralization fears of the community. The EOS vote-buying scandal erupted as Starteos, an EOS BP, announced that it will share the proceedings obtained from the crypto wallet with the community.
One of the leading crypto exchanges in the world, Singapore-based Huobi recently announced that its mining arm, Huobi Pool will launch the company’s first exchange in Q1 of 2019, according to a press release. The exchange will be fully dedicated to the fifth crypto in the global ladder. Speaking about this development, Cao Fei, Huobi Pool’s CEO said, “As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.” Huobi Pool has been working towards this goal since its launch early this year and it has been closely involved with the community to develop this first exchange based on this crypto.
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