Eos Market Overview: EOS/USD price falls despite completing its first hard fork upgrade

• As per EOSNation, this is the largest upgrade on the network till now.
• New notable upgrades are also scheduled for Neo and Tron.
• EOS/USD fell below $3 for the first time since February 2019.

EOS, the seventh-largest cryptocurrency by market capitalization, has successfully executed its first hard fork. EOSNation, the chain’s block producer which tracks the EOS update tracking tool, reported that EOS block producers showed their intention to implement the update. As per the website, this is the largest upgrade on the network. EOS Nation stated that out of 30 BPs, 29 were focused on upgrading at publishing time.

Cointelegraph reported that new notable upgrades are scheduled for two more blockchains. Neo will be upgraded to Neo 3.0 by the second quarter of 2020. This network is expected to facilitate cheaper transactions and deployment of smart contracts, along with a faster blockchain powered by a unified transaction model.
 
Tron will likely release an update for the Sun network, which was launched officially on Aug 11. Tron has declared that the update will deliver unlimited scaling capacity. Justin Sun, Tron’s founder, disclosed a new plan for the proof-of-stake mechanism for the network’s associated cryptocurrency, TRON (TRX). To increase user participation, the company will consider “a fair, decentralized distribution of staking revenues,” reported Sun.

EOS/USD daily chart

The price fell from $3.70 to $2.78, going below $3 for the first time since February 2019. EOS/USD has since corrected itself $2.90. The 50-day Simple Moving Average (SMA 50) and SMA 20 curves act as market resistances. The Moving Average Convergence/Divergence (MACD) indicator shows three straight bearish sessions of increasing intensity. The Relative Strength Index (RSI) indicator is trying to get out of the oversold zone.