EOS in retread after the first hard fork implemented on the network
- EOS performed its first major network update.
- EOS/USD stays under pressure, loses nearly 3% on its value.
EOS, the seventh-largest digital asset with the current market value of $3.44, performed a hard fork on Monday. This was the largest update of the network with 29 out of 30 top Block Producers signaling their commitment to upgrade, according to the chain’s block producer EOSNation that maintains the tracking tool for EOS network.
It is one of the largest network updates for EOS ecosystem so far.
"EOSIO networks that activate the consensus protocol upgrades in EOSIO v1.8 require all other nodes in the network to be running a compatible version of EOSIO (e.g. v1.8.3). Otherwise, nodes may not receive new blocks,” the Block One team wrote in the official Twitter account.
Cryptocurrency exchanges Binance and Huobi announced that they will support the fork.
EOS/USD technical picture
EOS/USD has lost 2.8% of its value in recent 24 hours to trade at $3.68 at the time of writing. The coin is moving in sync with the market dominated by bearish sentiments. The initial support is created by a confluence of SMA200 (Simple Moving Average) four-hour and the lower line of daily Bollinger Band at $3.64. Once it is out of the way, the downside is likely to gain traction with the next focus on critical $3.00.
On the upside, recovery is capped by SMA100 (Simple Moving Average) and the middle line of Bollinger Band on the four-hour chart at $3.88. The next resistance awaits is on approach to psychological $4.00 strengthened by SMA50 four-hour.
EOS/USD, a four-hour chart
Author
Tanya Abrosimova
Independent Analyst
