When you think of all the unique features EOS has to offer, there are bound to be a few you had overlooked. EOS is the first decentralized operating system and in order to achieve this, it relies on block producers to produce blocks and other nodes to validate the transactions. These nodes are rewarded in EOS tokens for their work, and they can also be used as stakes in elections.
The digital currency EOS has shed nearly 10% of its value over the past 24 hours, down to $3.86 per token. This follows a huge drop on October 3rd, when the token shed nearly $6 after the company behind the popular blockchain network, Block.one, announced that it was changing its name from “Eos” to “eosDAC”. The price fell again on October 8th, falling to as low as $3.73.EOS flirted with the $4.00 area in recent days, but the bulls were unable to mount a big enough rally to break above that level.
The cryptocurrency market remains in a downward cycle that has dragged on since May. Amidst this bearish sentiment, bitcoin is still trading below $35k and trying to break through the $40k resistance level.
EOS was once one of the top ten cryptocurrencies in the world. However, it has lost ground in recent months as other cryptocurrency projects have gained prominence and market capitalization. EOS drops to 28th place and threatens to be overtaken by Token Shiba Inu.
The poor performance of EOS is evident, even though the state of Wyoming has approved the first decentralized self-governing organization (DAO) based on EOS. This milestone was not enough to keep the EOS rally above $4.
EOS Price Forecast
The EOS/USD pair failed to seriously challenge the $5 level a few days ago, after breaking through the $4.3 level over the weekend. A statement in Wyoming led to a meeting this weekend.
Now that EOS is back below $4, the 4-hour chart of EOS/USD shows that the cryptocurrency could see further losses in the coming hours. If current market conditions persist, the bulls will have to defend the $3.30 resistance point in the coming hours or days.
EOS/USD chart. Source: Coincide
Currently, EOS could fall below the 100-day simple moving average (SMA) at $3.84 after losing support around the 100-day exponential moving average ($4.0558). If EOS drops below the 100-day SMA, it will force a secondary support level at $3.59 and a primary at $3.30.
However, if the bulls regain control of the market, EOS/USD could break back through the 4.00 level and attempt to reach the 7-day high of $4,300. EOS could make a serious rally towards the $5 area if it is supported by the broader crypto-currency market.
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