Price Analysis as EOS Loses 87% Of Its Value Since Record $4

 
SHARE:

While EOSIO (EOS) continues to improve its platform, the price of the token continues to drop along with the vast majority of other coins. The project announced a new updated version called “1.5.0-rc1” which aims to further improve the developer experience on the platform.

The latest update is focused around the Multithreaded Signature Verification, which was introduced to improve efficiency in key recovery. The effects can be seen immediately when syncing nodes. Moreover, additional security updates have been made to Whitelisting and Blacklisting.

Previously, ConsenSys commissioned a research on EOS, and some of the findings shocked the community. According to Whiteblock, the benchmarking company that conducted the research, EOS cannot be regarded as a blockchain network.

“(EOS is) fundamentally the same as a centralized cloud computing architecture [client/server], without the fundamental components of a blockchain or peer-to-peer network,” was stated in the research.

Technically, the price is struggling very much to stay above the water (Graph 1). The price action was trapped within the symmetrical triangle for a couple of months before dropping to a one-year low – below $3. It now sits at the last major Fibonacci retracement zone – 88.6%. Below here, we are threatening to reverse the entire move and go back to where it all started.

Graph 1. EOSIO (EOS) daily chart

Moreover, EOS is also below the key horizontal support (the blue line). The price is currently trading at $2.96, recovering from the $2.86 low. Any move higher is likely to be sold as bears are in full control of the situation. As elsewhere, any major recovery likely depends on the ability of the entire market to stage a more meaningful recovery before the end of the year.

The market capitalization of EOS fell below $4 billion ICO for the first time in 2018. It currently sits at $2.69 billion.