- EOS dropped 2% during early Asian hours after short-lived recovery on Wednesday.
- EOS governing problems are piling up, the community is infuriated.
EOS/USD is changing hands at $7.74. The has lost over 2% during early Asian hours, amid growing EOS governance issues. EOS market value is registered at $6.9B. The coin lost 3B of its value in a week.
EOS community plunged itself deep into quarreling as ECAF (EOS Core Arbitration Forum created for dealing with disputes) froze transactions on 27 cryptocurrency exchanges. The company failed to provide clear reasoning behind the decision and sparked anger among the community members, who believe that such actions are incompatible with decentralization principles.
At the same time Daniel Larmier, the founder and technical architect of EOS, confirmed that he preferred to rebuild the platform’s constitution. He expressed doubts about the viability of company’s current on-chain governance model on the EOSIO Gov Telegram Channel.
“I have learned a lot about human nature by watching the disputes, the witch hunts, the ‘bring everything before the ECAF mindset,” he wrote.
EOS technical picture
Looking technically, EOS/USD is limited by $8.00 resistance, created by 78.6% Fibo retracement. Th coin needs to move above this handle to get a chance for an extended recovery with the initial target at $10.0 On the downside, a sustainable movement below $7.00 will intensify the sell-off towards $5.8 (April 11 low).
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