- EOS is rangebound as the cryptocurrency market lacks momentum.
- EOS arbitrators reverse transactions, breaking principles of decentralization.
EOS is changing hands at $5.44 at the time of writing, off the recent high of $5.83 reached on November 7. The sixth largest digital coin with the market value of $4.8B has gained over 1.5% since the beginning of the day, though it remains unchanged both on a daily and on a weekly basis.
EOS decentralization disputed
The crypto community discusses how EOS exercise power authority over the network, against the principles of decentralization. A Reddit user with the nickname AUTI9003 posted a screenshot, showing how EOS arbitrators reverse confirmed transactions. A so-called judge solved the dispute between tow account holders, citing the paragraphs from EOS blockchain constitution:
“Under the powers afforded to me as arbitrator under article 6 of the Rules of Dispute Resolution, I, Ben Gates, rules that the EOS account in dispute should be returned to the claimant with immediate effect and that the freeze over the assets within the said account is removed.”
This procedure of solving disputes is very much alike traditional customer support model adopted by centralized companies, Reddit users, say. However, some EOS supporters believe that high authority over the network makes EOS better after all.
EOS’s technical picture
From the short-term perspective, EOS/USD is capped by SMA50 (4-hour) at $5.55. Once it is cleared, the recovery may be extended towards the next important resistance of $5.6, which needs to be taken out before we can proceed to $6.00.
On the downside, the support is created by Sunday’s low at $5.29, followed by psychological $5.00. A sustainable move lower will spoil the technical picture and attract more sellers to the market.
EOS/USD, 4-hour
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