EOS Price Analysis: Block One Ambitions Overly Positive, May Shake Off Sellers
Today’s EOS News
Well, here’s a thing or two about mainstream social media platforms. They are centralized, leak like a sieve, censoring and scarier, are notorious for making their users a product. Facebook is currently embroiled in a lawsuit where aggrieved are seeking for damages. Heck, they are even accused on swinging public opinion. The same applies for Twitter.
Towards that end, Brendan Blumer, the CEO of Block One who are in turn the creators of EOSIO platform, are desirous of launching their decentralized social media platform called Voice. Putting the interests of their client at the fore, Voice, Brendan Blumer assures, will not in any way turn users into a lab, a playing ground where they are marketing products.
Instead, every bit of data will be transparent yet secure filtering out bots as well as trolls. Based on a fast blockchain, their data will be their own.
“Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
It will be interesting how Block One execute this idea. Note that Facebook is also planning to launch a cryptocurrency and are in consultation with the US CFTC. Besides, it comes a few days after Coinbase made an announcement that they will offer support to EOS for their education reward program:
“Starting today, Coinbase customers around the world can earn up to $10 worth of EOS by watching lessons and completing quizzes about EOS and the EOSIO protocol.”
EOS/USD Price Analysis
1 EOS/USD =$1.2389 change ~ -9.44%
At the time of writing, bears are easing on EOS. The fifth most liquid coin is stable but down 19.8 percent in the last week. Even though the trend is clearly up and analysts interpreting this as a correction, we should note that sellers are technically in charge from a top-down approach.
At the time of press, EOS is ranging in smaller time frames and after retesting the 61.8 percent Fibonacci retracement of last year’s trading range, resistance is present at the $9.5 mark. Therefore, and drawing interpretations from candlestick arrangements, EOS is technically at a precipice.
Depending on how prices react first at the five-month support trend line and secondly at the minor support at $4, EOS can either tumble or bounce off in their path towards $12. However, aware that EOS is trading within a bullish breakout pattern after blasting off April’s resistance now support at $5.5, there is a tad-bit of support at spot rates.
As such, if EOS bulls flow back, risk off traders can initiate longs on dips in smaller time frames while targeting $9.5 in a trend continuation. Marking this resurgence should be an uptick in volumes exceeding 10 million of May 27th. At the same time, any slump below $4 nullifying this outlook ought to be equally at the back of high participation.
All of Today's EOS Price Analysis, Chart Forecasts and Industry News
All Charts Courtesy of Trading View—BitFinex
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.