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EOS Price Potential: The Altcoin Can Still Reach $4.00

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The EOS price potential is very clear and it seems that the altcoin is under repair. EOS still has the chance to reach the $4.00 price point and we take a closer look at the EOS news today how can that be achieved.

EOS is still bearish over the short and the medium-term. The four-hour and daily time frames are showing some bearish head and shoulder patterns and the EOS/USD pair needs to rally above the $3.00 level in order to change the bearish short term outlook.

Currently, the cryptocurrency is trying to recover the recent losses right after the cryptocurrency dropped to its weakest trading level since September 24. The EOS/USD pair has since managed to recover close to nine percent in its value since it fell towards the $2.54 level. The EOS/USD pair as one of the very few cryptocurrency that was able to stage a decent recovery once when the entire cryptocurrency market received some heavy hits and losses. Interestingly, EOS is now trading very close to its 2019 opening price.

Also, the EOS/USD pair will need to rally above the $3.00 level in order to change the current short team bearish outlook. With the price currently trading at $3.34, the cryptocurrency will have to rally further in order to reach the $4.00 level. Both the daily time framers and the four hours charts are mixed with bearish head and shoulder patterns that still have the potential to push the pair below the September 2019 trading low.

As a form of encouragement for EOS/USD buyers, the recent recline created a bullish double-bottom pattern as the sellers failed to breach the September trading low barrier. Going further, the cryptocurrency will need to stage a rally of more than twenty-two percent to invalidate the bearish head and shoulder pattern on the four-hour time frame. Looking at the long-term picture, the buyers will have to rally the pair for it to be able to start to trade above the 200-day moving average.

The EOS price potential shows us that the cryptocurrency will have to rally by more than 100 percent to invalidate the large head and shoulder pattern and the short-term sentiment towards it which is neutral. The overall long-term sentiment towards the cryptocurrency is bullish at 61.00 percent.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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EOS News

EOS Starts Developing New Network Resource ‘’DISK’’

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EOS starts working on a new network resource solution for on-chain data storage that will be named ‘’DISK’’ which will provide the developers with a better option to store some types of smart contracts and Dapp data as we are reading in the following EOS news today. According to the github pages of the project, EOSIO software will include a new database called ‘’eosio.kvdisk’’ which will consume a new network resource called DISK. EOS starts this new project to bring more capacity and higher CPU consumption than the RAM-based counterpart which will also reduce costs for the app developers. The CTO of blockchain solutions Corvin Meyer auf der Heide, explained further:
 “From what I see it’s not about file-storage. It’s about cheaper, but slower on-chain, in-contract-storage for computational tasks and not the storage of large files… Putting hashes on chain makes sense and probably that is [more] affordable with DISK than with RAM.”
The DISK feature did go quite unnoticed until now and Meyer explained that it was added a few months ago but only gained popularity now. He also suggested that the feature will be added to EOSIO’s software before getting to EOS itself. The EOS critics called for improvements on the blockchain’s scalability issues since EOS uses a resource model to limit transactions which means that EOS dapps will have to pay resources such as CPU, RAM and NET which will allow each dapp to reserve bandwidth for the transactions. EOS suffered from overload multiple times and tis resource prices have surged. A few DApps last November migrated to new blockchains to try and avoid the problem and Block.one the parent company of EOS is planning to launch the social network Voice as a fork of EOS. Complaints about the scalability have decreased but EOS suffered from similar issues in the past. By simply offloading some data to a separate resource will reduce the costs that Dapp developers have to pay. Other features also reduce costs and the EOS resource exchange or REX can help the developers to afford the resources they actually need. There are a few file storage systems that already exist on the EOS. Cryptolions introduced a system called Prometheus where anyone can upload files to. Telos is another option which operates as a separate blockchain that runs on the EOSIO software which also develops an IPFS-based storage platform called DSTOR.
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EOS News

Fake EOS Authority Emerged On Telegram: Report

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fake eos authority
A fake EOS authority bot emerged on Telegram and requested private keys of the users’ accounts to monitor their funds and a few of them warned about the fraud, pleading to the holders not to reveal sensitive information so let’s find out more about it in the latest EOS news that we have today. The fake EOS authority bot has been present since 2018 on Telegram and it gained fame quite fast among the EOS holders because it was able to relate the accounts with the alerts quite frequently. It looks like the bot maliciously presented itself as the EOS authority according to the official EOS explorers that started making rounds on Twitter by trying to scam user by acquiring their private keys. The scam bot was first mentioned at the start of February 2020, when a Twitter user warned by posting a screenshot of the chat with the “EOSauthoritybot”. The bot said that the user has not set up any accounts to be monitored and asked from the user to add a new account. The suspicion has arisen when the bot asked for the owner key and the private key to the account. The fake bot is operating under the name of EOSauthoritybot and username-@EOSauthotitys_bot to confuse users with the username of the real EOS Authority bot that operates username @EOSauthoritybot. Rami James, the well-known software developer, also warned users about the probable scam on February 12. Rami published a Medium post in which it warned about the scam with the fake EOS Authority bot on Telegram.
 “This is a scam account that walks you through the process of giving up your private keys and you will lose access to your accounts,” he noted in the post.
While the cryptocurrency industry is not a stranger to scams, these kinds of Telegram bots look like they are new. There is at this time shortage of information on the number of users that were scammed or for how long this scam was operated on the messaging application. Giving your private keys to your cryptocurrency address is dangerous and will probably result in getting your funds stolen.
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Cardano News

EOS And Cardano Form Golden Cross, Further Increase Ahead

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Cardano's ADA tries
EOS and Cardano have had a similar action regarding the price this year so far and both of the cryptocurrencies saw a formation of a major bullish pattern forming at the same time as the price surge. Now, they are preparing for another retracement before continuing the bullish trends as we can see in the Cardano news today. More than $110 billion flood the crypto market since the start of 2020 and the inflow of capital allowed a lot of digital assets to surge including EOS and Cardano. Both of the altcoins increased by 106.50% and 95% respectively. As EOS and Cardano started climbing, a golden cross started forming according to the 1-day charts. This pattern developed in the 50-day moving average and it crossed above the 200-day moving average as well. Some of the major technical analysts in the industry said that this pattern is one of the most definitive buy signals that could start a bull market and the last time these cryptocurrencies saw a golden cross forming was between their 50 and 200-day MA in early April 2019. As per the EOS news, the altcoin skyrocketed by 105 percent while Cardano surged more than 50%. A similar scenario is in the making but they will first have to retrace after the latest exponential price increase. The TD sequential indicator shows that a retracement could soon be underway based on the EOS charts since, over the past few days, the technical index presented two new sell signals. The bearish formations show that a one to four candlesticks correction can be a new beginning of a downtrend before the continuation of the bullish trend. EOS seems to be getting rejected by the upper boundary from 2019 and since then, every time when the crypto gets down, it went to hit the top and drop again. If the technical pattern continues to hold, a retrace to the middle boundary of the channel could be expected which could eventually prevent this cryptocurrency from further correction. With a bearish impulse such as this one, EOS will have to break below the 78% Fibonacci retracement level at $4.42 to then hit the 61.8% which is where the parallel channel sits. Cardano also presents multiple bearish signs and there was even a divergence between the price of ADA and the relative strength index. The divergence usually happens when the price is making a lot of highs while the RSI is making lower highs as well.
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ChainLink News

DeFi Upward Momentum Led By EOS REX, Maker And Chainlink

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Defi upward momentum
Chainlink the oracle platform, Maker the stablecoin lending platform and the EOS resource exchange REX led the DeFi upward momentum segment of the cryptocurrency sphere, according to the newest report of TokenInsight, so let’s read more about the report in our cryptocurrency news today. TokenInsight the blockchain data company, has published its yearly cryptocurrency report for the previous year, with a focus partially placed on decentralized finance (DeFi). The report digs into which lending platforms brought the most locked value or collateral in the previous year, and also how the Decentralized Finance  DeFi upward momentum experienced the most growth over the course of the previous year. According to TokenInsight the status as the Ethereum’s most successful Decentralized Finance (DeFi) lending platform in 2019 was won by Maker as per the Maker crypto price prediction news. The application accounted for 76% of the total value locked in Decentralized Finance (DeFi) lending applications, and it accounted for 75% of the Decentralized Financial users of Ethereum. In addition, TokenInsight noticed that the supply of the stablecoin of Maker achieved its peak in 2019 with $100 million of Dai in circulation. In fact, the Dai supply moved up since the report was written: there are at this time $112 million of Dai and $23 million single-collateral Dai (Sai) in circulation. The value of a meaningful size was brought also by EOS REX, was constructed to make network throughput affordable to application developers. It brought $160 million in locked value in the previous year and attained a peak of $763 million. Two other Decentralized Finance (DeFi) lending platforms, Synthetix and Compound, accounted for a meaningful quantity of total locked value as well. They attracted $160 million and $80 million respectively.TokenInsight thinks that this category of Decentralized Finance (DeFi) will become even more important in 2020:
 “DeFi lending and stablecoins will continue [their] pace in 2020…We believe the market of decentralized stablecoins will score a substantial increase with its value growing at least 5 times.”
TokenInsight observed an extraordinarily fast growth in Synthetix, a platform that lends assets to users who put up cryptocurrency as collateral. In 2019, the total locked value of Synthetix grown 89 times, the growth went from $2 million to $180 million. Also, users have locked up 84% of the SNX supply.
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