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EOSIO (EOS) Technical Analysis – EOS Awaits Its Next Move
EOSIO (EOS) is a cryptocurrency token and blockchain that seeks to operate as a smart contract platform for the deployment of decentralized applications and decentralized autonomous corporation.
The aim of the platform is to provide decentralized application hosting, smart contract capability and decentralized storage enterprise solutions that solve the scalability issues of blockchains like Bitcoin (BTC) and Ethereum (ETH), as well as eliminating all fees for users.
The main native token, EOS, is a utility token that provides both bandwidth and storage on the blockchain, in proportion to total stake (owning 1% of EOS tokens allows for usage of up to 1% of the total available bandwidth etc…). EOS tokens also allow the owner to cast votes and participate in the on-chain governance of the blockchain, again in proportion to the owner’s stake.
With that behind us, let’s take a look at the technical picture of EOS to see what may be in store for both investors/traders moving forward.
Back in early April, EOS broke-out from the 5 handle (5.92) on 3X its average daily volume and proceeded to put in a massive move over a three week period which witnessed returns of 300% before exhausting itself at the 23.33 level as we can observe from the Chart below:
When observing the action above, we can see that after the massive move from early to mid-April, which produced enormous gains for those investors/traders involved, EOS has since found itself in pullback mode digesting/consolidating the run.
In addition, we can also witness that EOS presently trades below both its 20 (yellow line) and 50 (blue line) day moving averages, yet remains comfortably above its rising 200DMA (red line), which suggests that we have a mixed picture technically as well as some indecision from a time-frame perspective.
Thus, in order to try and wrap our arms around the overall action of EOS, when we zoom-out to the weekly time-frame, we get a clearer display as to what may be in store for both investors/traders moving forward from the weekly Chart below:
When observing the action on the weekly time-frame above, we can see that EOS remains in decent technical shape despite trading lower these past four weeks after the massive run in April.
In addition, despite the overall poor climate conditions throughout the entire cryptocurrency universe where recent selling pressure has been relentless, EOS has weathered the storm in relatively fine shape.
Thus, let’s take a look at some levels that may provide both investors/traders with some clues/evidence with respect to direction as well as clarity.
If, at any point in the days ahead, EOS is capable of going topside of the 13.50 level and perhaps more importantly, the 14.40 figure, such development, should it materialize, would likely set the stage for an advance into the 16-18 zone and perhaps higher. On the other side of the ledger, initial short-term potential support can be found at the 10.20 level with more meaningful support located in the 7.50 area.
While EOS continues to display decent technical and relative strength in an extremely challenging and difficult environment, it appears that it’s awaiting its next moved via the mixed signals from a time-frame perspective.
Therefore, both investors/traders may want to continue to monitor the action in EOS with a close eye in the days ahead for further evidence and or catalyst with respect to direction.
Happy Trading!!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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