Dan Larimer works on a new crypto project, EOS doomed?

EOS founder whats to create a new better coin.
EOS project is not abandoned, unlike other blockchains, initiated by Larimer
EOS/USD depressed despite the short-term recovery.

Tanya Abrosimova Independent Analyst

EOS is one of the worst-performing digital coins out of top-10, nursing over 10% losses in recent 24 hours. EOS/USD managed to recover from early Asian lows at $2.30, and it is still marginally in red as compared to Tuesday's opening levels.

Meanwhile, at the end of the previous week Block One's CTO Dan Larimer announced the decision to launch a new cryptocurrency project MonerEOS. The new hypothetical token will be immutable and non-programmable; what's more, it will function solely as a currency with no additional roles.

The announcement was made via Telegram channel, where Larimer listed 13 features of the MonerEOS token and denied the speculations that he was going to leave the EOS project.

It is worth mentioning that Larimer is a serial blockchain creator. He co-founded DAO BitShares and Steemit, though left both projects under different reasons.

EOS's technical picture

From the longer-term perspective, EOS/USD is capped by SMA50 (4-hour) at $3.00. Once it is cleared, the recovery may be extended towards the next crucial resistance at $3.50 with SMA100 (4-hour) on approach. Then comes $4.00 and $4.7 (DMA50).

On the downside, the support is created by Asian low at $2.30. A sustainable move lower will expose 2.0 and 1.9, which is the lowest level since December 2017.

EOS/USD, the daily chart