Tanya Abrosimova
Independent Analyst
- EOS is trading close to 50% Fibo at $13.46.
- Major support is created by 50-DMA at $11.90.
Thursday has brought a relief to most of the cryptocurrency assets. EOS/USD is one of the growth leaders as the coin gained 5.5% since the beginning of the day and over 8% in the recent 24 hours. The fifth largest coin by market cap spiked above $13 handle and came close to $14.00 during early Asian hours before retracing to $13.52 by the time of writing.
IEOS trading volumes exceed $1.6B with the most active trading pair EOS/USDT, followed by EOS/KWR.
Meanwhile, Brendan Blumer, Block.One's CEO, explains that EOS is created to solve the centralization problem.
“If you take a look at the proof of work, which is really an incumbent way of processing blockchain transactions today. Both electricity and hardware is cheaper in bulk what that ends in is centralized mining pools controlling the network,” he says in one of the latest videos published by EOS.io
“If you look at the largest platforms today, less than two or three mining pools control those networks.”
He differentiates EOS platform as truly decentralized solution, built on an alliance of interests of all the parties involved.
EOS technical picture
EOS/USD is challenging 50% Fibo at $13.46. Once this resistance is clearly broken, the focus will shift on to 38.2% Fibo at $15.70. On the downside, the local support is seen at $13.00, followed by 50-DMA at $11.90 - this level stopped the sell-off on Wednesday.
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