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  • The formation of EOS Alliance has been endorsed by both the influential stakeholders and over 30 block producers.
  • EOS recovered from August declines towards $4.00, and now trading above $5.00 support while getting ready for another breakout.

A global group comprising of EOS blockchain community members, as well as Block Producers, recently launched EOS Alliance. The group was formed to ensure that EOS blockchain full potential is not only unlocked but also explored. The new platform will provide for collaborative, transparent decision making as well as information-sharing within the EOS community.

The formation of EOS Alliance has been endorsed by most of the influential stakeholders in the EOS community including over 30 EOS block producers. Business Wire reports that EOS Alliance will:

“Facilitate multi-language conversations (initially in English, Korean and Chinese) and education around key ecosystem issues, debates and developments. Refrain, in accordance with its bylaws (now being drafted), from gaining any executive power within EOS governance structures. Facilitate discussion and help workgroups make clear recommendations. As its first act, the EOS Alliance has already begun forming a series of working groups with diverse community participation to inform and advice on the ecosystem’s most challenging topics.”

EOS price analysis

EOS price has been trading higher lows and higher highs since the bullish trend that began last week on Tuesday 14. The crypto had suffered under heavy selling pressure breaking various key support areas at $8.00, $7.00 and $5.00. While the downside was heading to $0.40, EOS/USD formed a low at $4.14. The recovery encountered significant hurdles at the 38.2% Fib level taken between the highs of $5.64 and the lows of $4.14, at $5.00 as well as $5.4.

The uptrend broke above $5.40, but the move was short-lived by the bears regaining control. EOS came into contact with $5.6 but embarked on trip downstream again. The downside corrections smashed past $5.00 support but the declines slowed at the 50% Fib level. EOS is currently trading above $5.00 while supported by the 100-day moving average on the hourly chart. The buyers are looking forward to breaking above the key resistance at $5.6. A support above this level will allow the bulls to curve a path to $6.0 and eventually $7.0.

EOS/USD 1-hour chart