EOS downgraded by Weiss Ratings; EOS/USD down 6% in recent 24 hours
- 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
Author
Tanya Abrosimova
Independent Analyst
