EOS decentralization questioned: EOS/USD drop is unstoppable

Decentralization is a fundamental feature of the blockchain technology and especially when it is connected to a cryptocurrency. EOS blockchain decentralization has recently stirred another scandal where the community asked questions concerning governance. Users on Reddit saw evidence of reversed transaction re-emerge.

The community was perturbed with many asking if EOS decentralization means anything to the governance of the crypto. Perhaps EOS is not decentralized at all, hard truth to accept. Besides, the co-founder of the asset, Daniel Larimer once said that that is probably not the direction EOS “is after.”

“Decentralization isn’t what we’re after. What we’re after is anti-censorship and robustness against being shut down,” said EOS co-founder Larimer.

EOS price technical picture

EOS is licking the wounds following the overpowering crypto carnage yesterday. EOS tanked massively below the $5.4 (former support). The declines were unstoppable below $5.0. Besides, the crypto is currently gaining traction below the short-term support that had been established at $4.6. EOS is exchanging hands at $4.518. There is an ongoing bear move in spite of the indicator on the chart sending optimistic signals. The MACD has bounced upwards while the RSI is motionless at 30.55.

EOS has one card to play to get out of the bear trend; this is to ensure that a sustained move breaks above $5.00 and defends this level as a support. However, the sellers’ presence in the market is still high with the moving average gap increasing.

EOS/USD 1-hour chart