Today we’re looking at EOS, a cryptocurrency which one of my favorite late night show hosts, John Oliver, criticized recently on investment fraud.
EOS is the token for a platform called eos.ios. The journey of EOS started in mid-2017 by Dan Larimer, founder, and creator of Bitshares and Steem. The system intends to support more efficient operations and faster transactions for decentralized applications than existing platforms such as Ethereum. If eos.ios is successful, it could bring on much greater adoption of cryptocurrency-related technology.
EOS has been gaining attention recently both in South Korea and in North America. For example, the Wikipedia-like crypto project, Everipedia, which received a $30 million investment in February, has announced it will distribute its coins to EOS holders in June.
The distribution will be done via the “airdrop” method that lets owners of an existing cryptocurrency receive a set amount of a new coin.
EOS is currently the 6th largest cryptocurrency by market cap, trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. It saw an 11% gain on Tuesday, the highest among top 20 cryptos.
From a technical point of view, however, EOS/USD remains below the daily Ichimoku cloud and has not been able to break above the immediate resistance level of $7. The pair is supported at the 76% Fibonacci retracement level of $4.33, a setup which traces the lows of October 2017 at around $0.40, to the all-time-high level of January at $18.60.
