News

EOS Price Analysis for December, 10th – EOS Still Pulled Down

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

This week, the EOS cryptocurrency resumed declining, and on Tuesday, December 10th, it is generally trading at $2.65.

On D1, the downtrend is slowing down, and a convergence is forming on the MACD. As the main goal of the developing trend, we should regard the fractal minimum of $1.55. However, keeping in mind the convergence, a breakout of the current resistance level at $3.35 may signal a reversal and the development of a new bullish cycle.

On H4, after a correctional rise to 38.2% Fibo, the quotations started declining to the minimum of $2.35. Upon breaking the minimum, the market may head for the support level of the current channel, which is $2.01. The Stochastic, with its Black Cross, supports the idea of a new wave of declining to the minimum.

Related Post

The crypto department of the rating agency Weiss Ratings has lowered the EOS project

to level C from the previous level B. It is known that the main reason for the worsening of the project’s position became its excessive centralization.

In Weiss Ratings, they say that about a hundred of EOS holders – which is about 0.01% of the investors in the project – control 68% of voices, which means they can influence the decision-making process about the project development. Centralization is what the crypto world is avoiding, and it does not enhance the EOS attractivity.

Apart from this, Weiss Ratings noted the lack of a solution for the problem of junk in the network – under junk we mean a large number of bots, the transactions of which halt the transactions of small EOS holders. Currently, neither the resource exchange of EOS nor the reserve for the CPU calculations has not solved the problem.

Momentarily, the lowering in the rating can hardly influence the dynamics of the coin. However, fundamentally it can give little support, which is not good.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

Share
Published by
Dmitriy Gurkovskiy

Recent Posts

OKX Wallet Sees Whales Massive Moves; More on Plus Wallet & Coinbase  

Plus Wallet Impresses with its Speedy 15-Min Token Listings While Coinbase Unveils AI Tool &…

30 mins ago

100% Bonus with BlockDAG! Ethereum Eyes Breakout, Sui Plans To Expand

BlockDAG Rolls Out Limited Time 100% Bonus For Community While Ethereum Price Looks Bullish &…

2 hours ago

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

2 hours ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

9 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

19 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

19 hours ago