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- 1 The founder of the EOS Network foundation has said EOS participants should take legal against the Block.one
- 2 EOS price is currently seeing a consolidated trend as per the technical chart. It has seen a jump of 2% in the intraday session.
EOS network is one of the biggest blockchain platforms focusing on flexibility and developer experience. EOS Foundation encourages the growth and development of network projects and creators. The network is a Delegated Proof of Stake where stakeholders can select node operators. EOS network is a 3rd generation layer 1 blockchain that has a low latency and high throughput. EOSIO software on which EOS is built is developed by Block. one.
The EOS foundation founder recently said that EOS network participants should consider taking legal action over Block. one network. Yves La Rose said that legal action could occur in two ways: one way is not investing the $1 Billion promised during the ICO. La Rose has also said that the EOS network is under-capitalized, and the growth has stopped. Meanwhile, the total number of wallets of EOS has grown by over 0.5% in the past 30 days.
EOS has a market cap of $973 Million and is ranked 45th in the CMC. The social engagement of the EOS has decreased for the past few days. Meanwhile, the V/M ratio of EOS suggests a consolidated trend in price.
Will the EOS Consolidation End Soon?
The weekly technical chart of EOS hints towards a consolidated trend in price. On the daily chart, it is forming weak bearish candles. EOS is trading near the value of $0.9045, with a gain of 2% in the intraday session. The upside trend of EOS can observe a halt near the value of $1.Meanwhile, the asset price support can be near $0.85. The digital asset price is below 50 and 100 Exponential Moving Averages. There is a negative crossover in the EMA which can push the price down in the future.
The RSI of EOS is near 45, suggesting its presence in the neutral zone. There is a weak downside slope in it which hints toward a consolidated trend.
Summary
The founder of the EOS network foundation has said that the EOS participants should take legal action against Block. one. EOS price is currently consolidating and can see a new high.
Technical Levels
Major Support:$0.85
Major Resistance:$1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
