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.
EOS Starts Developing New Network Resource ‘’DISK’’
“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.
Fake EOS Authority Emerged On Telegram: Report
“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.
EOS And Cardano Form Golden Cross, Further Increase Ahead
DeFi Upward Momentum Led By EOS REX, Maker And Chainlink
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