Tanya Abrosimova
Independent Analyst
- EOS/USD has been losing ground recently amid worsened market sentiments.
- Weiss Ratings has downgraded EOS due to centralization issues.
EOS/USD is changing hands at $6.25, down nearly 6% in recent 24 hours. The 6th largest digital asset with the current market capitalization of $5.7 billion has been losing ground since the beginning of the week amid sharp sell-off triggered by technical factors and deteriorated market sentiments.
Notably, traders have chosen to ignore positive developments and focus on bad things. Thus, Coinbase decision to pay users EOS coins for completing quizzes about EOSIO was left unnoticed.
Meanwhile, recently, a provider of financial ratings Weiss Ratings downgraded EOS, claiming that the coin had serious centralization issues
"#EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we've severely downgraded its technology score. It's now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure," the company wrote on Twitter.
EOS/USD, the technical picture
The first strong support for EOS comes at psychological $6.00 strengthened by SMA50 (Simple Moving Average) on a daily chart. Once it is broken, the downside is likely to gain traction with the next focus on $5.70 (38.2% Fibo retracement) and $5.00 with SMA100 daily located on approach.
On the upside, a sustainable move above $6.70 (23.6% Fibo retracement) is needed to mitigate immediate bearish pressure and bring $7.00 back into focus.
EOS/USD, 1-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?