EOS price still unable to overcome $3 resistance as sellers retain control of the price action
Investors still have doubts about the long-term viability of the project
There is still no clear winner, but the camp of Biden hopes that they will soon cross the 270 threshold
Elections in the U.S. are being closely watched, with Biden taking the lead in Georgia, Pennsylvania, Nevada and Arizona according to the latest news, but the U.S. presidential election continued to progress, with the winner not yet officially announced. The crypto-currency market is moving forward this week, but the EOS price is still unable to break the $3 resistance level as sellers retain control of the price action.
Fundamental analysis: Investors still have doubts about the long-term viability of the project
In less than three months, EOS’ price has dropped from $3.91 to less than $2.50, and the current price is $2.59. The main reason for this is a low transaction volume and the fact that EOS investors were faced with trust issues.
EOS investors have faced trust issues since the U.S. Securities and Exchange Commission (SEC) imposed a $24 million fine on Block.one (EOS’ parent company). The reason for this was an unregistered initial coin offering, and investors began to have doubts about the long-term viability of the project.
Transaction volumes have become smaller, and analysts found that people are using EOS to place small bets instead of transferring value.
EOS is a decentralized operating system based on block chains that allows companies to build block chain applications similar to web-based applications. Transaction fee elimination and scalability are two key features of the software.
Some analysts say that this crypto-currency has positive long-term prospects as EOS could replace Ethereum as the dominant platform for intelligent contracts. Investors in EOS should keep in mind that it is still a very risky crypto-currency, but now might be a good time to trade with EOS.
As many of the companies and companies and developers are looking for such a decentralized, block chain-based platform, the future looks bright, but there is still a certain amount of uncertainty regarding the project. The EOS price has been on a downward trend over the last three months, and so far there is no sign of a reversal of the trend.
Technical analysis: Sellers keep control of the price
Data source: tradingview.com
According to the rules of technical analysis, the main trend of this crypto-currency is bearish. The current resistance levels are $3, $3.5 and $4, $2.5 and $2 represent the strong support levels.
If the price jumps above $3 it would be a signal to buy EOS and we have the open path to $3.5. A rise above $3.5 supports the continuation of the uptrend and the next price target could be around $4.
On the other hand, if the price falls below $2, this would be a strong “sell” signal and we have the open path to $1.5.
Most of the major crypto-currencies have advanced in the course of the further course of the US presidential elections, whose winners have not yet been officially announced. Joe Biden has a good chance of becoming the 46th president, and the Bidens camp hopes that they will cross the 270 threshold very soon. The crypto-currency market is advancing this week, but the EOS price is still unable to break through the $3 resistance level as sellers are keeping control of the price action.