EOS/USD: Vitalik Buterin praises EOS project
|- Ethereum creator made positive comments about EOS project.
- EOS/USD is moving within a short-term bullish trend.
EOS is the 9th largest digital asset with the current market capitalization of $2.4 billion and an average daily trading volume of $3.3 billion. The coin has gained over 3% since the beginning of the day and 2.5% on a day-to-day basis. While EOS is moving in sync with the market, the upside momentum is supported by the recent positive comments of Ethereum co-founder, Vitalik Buterin.
In a recent series of tweets, Buterin praised the blockchain project that is sometimes regarded as a competitor to ETH.
If I were designing a new chain to live alongside bitcoin and ethereum, I would take *all* the political tradeoffs that BTC and ETH aren't willing to take.
He mentioned such trade-offs as on-chain governing with votes, on-chain oracles for not just prices but arbitrary events, built-in cryptographic operations and an on-chain model of identity, for participants who want to participate in governance.
He also added:
This is why I actually have some respect for EOS and co. I *disagree* with DPoS but at least they're *trying* to develop a cohesive and principled alternative niche.
EOS/USD: Technical picture
EOS/USD found strong support at daily SMA50 (currently at $2.6). This area has been limiting the decline since May 15 and served as a jumping-off ground during early Asian hours on Monday. At the time of writing, EOS/USD is changing hands at $2.70, off the intraday high of $2.75.
On the intraday charts. EOS is moving within a clear upside trend with the initial support created by 1-hour SMA50 at $2.65. It is closely followed by 1-hour SMA100 at $2.62 and the above-mentioned daily SMA50 at $2.60. If it is cleared, the sell-off may gain traction with the next focus on 1-hour SMA200 at $2.53 and psychological $2.50.
On the upside, a sustainable move above the intraday high is needed for the upside to gain traction. The major bullish aim is created by $3.00; however, the bulls will have to clear $2.80 (the upper boundary of the previous consolidation channel) before they proceed to $3.00.
EOS/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.