• 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.


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

.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market lived through a volatile weekend as Bitcoin an all major altcoins hit new multi-month highs and crashed back in a matter of minutes. 

More Bitcoin News

ETH/USD struggles to hold the gains, bears target at $350.00

Ethereum, the second-largest digital asset, hit the new high at $415 on Sunday, August 2, and retreated to $379.70 by press time. The second-largest digital asset has gained nearly 3% since the beginning of the day, though it is still down 1% in the recent 24 hours. 

More Ethereum News

ETC/USD Price Analysis: Bounce from 100-day SMA keeps buyers hopeful above 7.0000

ETC/USD retraces from the lowest in a week to 7.2900, up 1.60% on a day, during the early Monday. In doing so, the pair takes a U-turn from 100-day SMA, which in turn again pushes in north towards ...

More Ethereum Classic News

XRP/USD climbs back above $0.3000, bulls struggle to regain control

Ripple's XRP has recovered above $0.30 after a dip to $0.2839 during early Asian hours. The coin has gained over 5% since the start of the day and 3% in the recent 24 hours.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP