EOS Lacks Steady Traction; Faces Strong Resistance Around $3
A paper on “Revisiting Transactional Statistics of High-scalability Blockchain” claimed that the current throughput for EOSIO is only 34 TPS. This paper has reconsidered the meaning of throughput from “what a system can do” to “What a system is doing that can be valued.” The goal behind this research paper is to observe the demand created for blockchain and see there is an excessive load of resources against comparatively lesser demand. Thereby, with this study, EOSIO has the complete ability to scale the demand irrespective of the actual use of ability and is independent of the usage.
EOSIO Throughput and a response to paper on "Transactional Statistics of High-Scalability Blockchain" https://t.co/8Elf7sbJ6D
— Daniel Larimer (@bytemaster7) June 10, 2020
This way, a scalable blockchain technology—EOSIO can improve the quality of transactions by implementing a price band and keeping an eye on the resource allocation. Whether or not recognized, EOSIO is accepted to be utterly scalable amidst various projects of the global network.
EOS Price Analysis
On the 5-hourly chart, EOS coin is trading at $2.727 against the US Dollar and is retaining steady support from 50-day and 200-day MA. Currently, the currency is consolidating above 61.80% Fib Retracement level, after rising from the 10-day bottom of $2.58. Moreover, as per the current trading momentum, we see that the EOS price is oscillating in a narrow price range of $2.67 to $2.87 on the hourly chart. However, you should know more about EOS price prediction and the chart patterns before you choose to do anything.
On the other hand, many altcoins viz., XRP, VET, DGB, ZIL have been recording an amazing intraday momentum, while that doesn’t seem to be true in case of EOS at present. Although, the coin has rebound well after a bearish candlestick wick at $2.587 below 61.80% Fib Retracement level.
If we compare the momentum of EOS with of Bitcoin, we see that the latter is also experiencing a stalled yet slow growth and is a facility to trade stably above $10k. Bitcoin, the major cryptocurrency by market cap, is facing tough resistance, and it was just yesterday when it is reclaimed above $10k momentarily. Drawing an intersection, we see that EOS price is facing an utter resistance above $2.9, followed by $3 for a noted bullish crossover.
Also, the technicals are drawing a complex picture due to a lack of steady momentum in the intraday against the US Dollar. The 20-day Bollinger Bands are not withholding any extremities, and therefore, we are not likely to predict about an unprecedented blow of volatility. The coin has been notably above the 38.20% Fib Retracement level since the last week of the previous month, and therefore, the recovery is undoubted.
The MACD of the EOS coin is holding a bearish divergence due to intraday pullback and volatility. The RSI lies at 40.79 and withholds no trading extremities due to a lack of steady traction at present.
