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EOS Network Slips 14%: Here’s Everything You Should Know

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The EOS Network (EOS) has continued to fall and has dropped dramatically below the $1.31 level, even if the community continues to prepare for the cryptocurrency’s rebranding. Before EOS’s presentations at Blockchain Expo Europe on September 20–21, Zack Gall, vice president of communications at the EOS Network Foundation, talked to The Block.

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Speaking about the EOS Network Foundation’s current priorities, he replied that to stimulate the expansion and maturation of the EOS Network and all the projects, entities, and artists that make it up, we act as a central hub and shepherd for the entire ecosystem, coordinating monetary and non-monetary means of support.

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In a second question, how will builders and consumers of EOS Network blockchains be impacted by the anticipated hard fork from Block?

Gall said developers can keep working with the assurance that the core software stack is owned by the community and will be constantly updated with new features like IBC and near-instant finality. In the end, consumers will feel little to no impact. Nothing will break, and life will go on as usual.

EOS Network – Everything You Should Know

EOS is a decentralized app and smart contract platform that competes with Ethereum by offering lower transaction costs and better performance. It has always positioned itself as a platform that allows consumers and developers to confidently build projects.

After being announced in 2017, the open-source program was finally released in the middle of 2018. During its initial coin sale, the initiative raised more than $4 billion. Nonetheless, the network community is still preparing for the cryptocurrency’s rebranding as EOS rallies. Because of the EOSIO branding, the EOS coin would split.

The EOS Network Foundation will soon take over management of the EOS blockchain, according to the team. The sell-off in the cryptocurrency market, which tends to hurt digital assets like the EOS coin, could be the reason for the coin’s rally.

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EOS Network Price & Tokenomics

The current EOS price is $1.31, and the 24-hour trading volume is $377 million. In the last 24 hours, EOS has gained 0.81%. However, the coin has dropped nearly 14% in the last seven days. CoinMarketCap now ranks 41st, with a live market cap of $1.3 billion. The circulating supply is 1,001,110,542 EOS coins, while the maximum supply is not known.

EOS Price Chart

On the technical front, the EOS/USD pair has broken through the $1.4800 channel, and candles closing below this level are exposing EOS prices to the next support level of $1.1785.

A break below the $1.1785 level has the potential to drive the EOS price down to $0.9070. The 50-day exponential moving average indicates a bearish bias below $1.4300.

Bearish Cryptocurrency Market

The cryptocurrency market has been in a downward spiral and continues to flash red. Bitcoin prices fell by 2.03% throughout the day, valuing the cryptocurrency at $19,601.2. Ethereum was priced at $1,349.98, down 14.71% in seven days.

More selling in traditional markets as investors withdraw funds from high-risk investments to hedge against market volatility. As a result, the market’s poor condition was a major factor in keeping EOS coin prices low.

Another major factor influencing the price of EOS was the stronger US dollar. The US dollar strengthened further as Treasury yields rose ahead of the Federal Reserve’s major interest rate hike next week.

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