The US elections are closely watched, according to the latest news Biden is taking the lead in Georgia, Pennsylvania, Nevada and Arizona but the US presidential election continued to progress with a winner not yet officially announced. The cryptocurrency market is advancing this week but EOS price is still not able to surpass the $3 resistance level as sellers remain in control of the price action.
Fundamental analysis: Investors still have doubts over the project’s long-term viability
The price of EOS has weakened from $3.91 below $2.50 in less than three months and the current price stands around $2.59. The main reason for this is a low transaction volume and the fact that EOS investors faced trust issues.
EOS investors faced trust issues since the U.S. Securities and Exchange Commission (SEC) slapped a $24 million penalty to Block.one (EOS’s parent company). The reason for this was an unregistered initial coin offering and the investors started to have doubts over the project’s long-term viability.
Transaction volumes have become smaller and analysts found out that people use EOS for placing small bets instead for value-transfer purposes.
EOS is a blockchain-based decentralized operating system that enables businesses to build blockchain applications in a way similar to web-based applications. Elimination of transaction fees and scalability are two major features of the software.
Some analysts say that this cryptocurrency has a positive long term outlook because EOS could replace Ethereum as the dominant smart contract platform. Investors in EOS should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade EOS.
Since many of the enterprises and companies and developers are looking
