EOS fell 20.2% after evaluating Weiss ratings


The transition to the Proof of Stake requires a vote. When voting, users can choose validators or block manufacturers. Now, however, Weiss Ratings says that because of this, there are "serious problems with centralization." Meanwhile, EOS fell by 20.2 percent compared to last week’s close.

EOS Price Analysis

The basics

The decision to adopt an algorithm of consensus, which would be flexible and meet the objectives of the First Block, did not give rest. Behind each blockchain project that seeks to launch its main network is the desire to fulfill the conditions of the blockchain trilemma.

These conditions are pleasing to the eye, but fulfilling them is a difficult task, an almost impossible feat. Therefore, creators must make a decision. Given their common goals, Block One went for a combination of scalability and security versus decentralization.

With an architecture consisting of 21 select block manufacturers assigned to be responsible for validation, control, and security, the network is vulnerable. There is a possibility that malicious elements may be targeted at these manufacturers of blocks, causing damage to the system.

As a result, the US rating company Weiss ratings lowers the EOS rating and explodes the digital asset, saying that he has “serious problems with centralization”. Subsequently, since this level of “centralization” is serious, it lowers its technological rating. to a-.

Candlestick

EOS

At the time of writing, EOS passed from hand to hand for $ 6.20. Although traders and investors are optimistic, EOS is clearly under pressure. Not surprisingly, the coin fell by 1.8 percent and 20.2 percent in the last 24 hours and a week, respectively.

However, this does not mean that bears control the situation. From the graph it is clear that the EOS is retreating after a steady rally. Currently, the first support level is on the 4-month trend line.

Depending on the level of participation, which will cause a reaction or reset at the level of about $ 5.5, the traders will either leave their long positions or start increasing.

Please note that any drop below $ 5.5 may lead to the completion of a re-test of EOS at $ 4.5. Nevertheless, the rebound against the backdrop of high trading volumes is a precursor of $ 9.5 and $ 12 for aggressive traders.

Technical Indicators

Trading volumes are declining. Fixing this trading plan is a candle on May 27 with 10 million. Any candle breakthrough, a reversal on the main support trend line or from $ 5.5 should be with a high stake, ideally exceeding 10 million. Such an alignment will signal either a continuation of the trend, or a correction in the retest, as indicated above.

We recommend to read

April 11 TOP 4 Forecasts: Litecoin, EOS, TRX, ADA ... In addition to bitcoins, Ethereum and Ripple, other top coins are also declining. The biggest loser among the top 10 coins is Bitcoin Cash, ...
HackerOne Data shows that in EOS in 2019 b ... EOS.io, the company responsible for the development of the fourth largest cryptocurrency - EOS, this year distributed awards for the five found critical vulnerabilities ...
Battle DApp Platforms - Ethereum vs EOS ... Since EOS launched its main network last year, the rivalry between EOS and Ethereum has become more acute as everyone tries ...
BTC has better profitability than any other ... Bitcoin is one of the best investment opportunities for those who are willing to face risk. It seems that the most popular and important cryptographic protection ...
Cardano founder Charles Hoskinson looks out ... Cryptocurrency markets may respond positively to a sudden change in bullish sentiment on the part of investors, but coin projects are still offered ...

Leave a Reply

Your email address will not be published. Required fields are marked *