The EOS to USD trading pair has been bearish for a while now. The support levels are at $5.5, $6.0, $6.5 while resistance levels are at $8.5, $8.0, and $7.5. Since the beginning of September, EOS has been on a sideways trend after it started the month trading at $6.66. The price of EOS has been moving above and below $6.42. The bears took control of the market and pushed it as low as $5.07. For the past 24 hours, EOS has been trading in range above $5.00 waiting for the bears to resume their oppression. If the cryptocurrency continues to fall, it will most likely move into the range bound zone it traded in previously. This is according to the price analysis of Azeer M from Bitcoin Exchange Guide.
EOS Price Today – EOS / USD
The technical charts show that the signal and the MACD lines are below the zero line indicating a sell. The price is also below the 26 and 12 day EMAs showing that the bears are still in control of the market. The period 14 relative strength index is in level 33 suggesting that the market is entering the oversold region and the bulls will soon triumph. The next few trading sessions will determine if the price action of EOS will change or not.
EOS Block Producers To Cut Ram Cost
The EOS developer community has been perplexed by the ever increasing RAM cost. Finally, EOS Block producers have come to a conclusion that will boost the creation of new projects on the EOS Blockchain by slashing the RAM cost. On Thursday, one of the 21 block producers announced that the EOS RAM cost has been reduced to 3 KIB from 4 kibibytes. This sums up to about $1.84 per account creation. With this new protocol in place, more people will be motivated to use the EOS Blockchain and this will subsequently increase its adoption.