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  • EOS drops below $8.00 amid growing bearish pressure.
  • Block.One might exercise influence over the network operation.

EOS is down over 12% on a daily basis, changing hands at $7.4 to press time. The coin has been sliding since June 4, when it hit the local maximum at $9.4. EOS takes the fifth place in top-10 with current market value $6.7B and the average daily trading volume $811M, which is nearly two times higher than on Monday. The coin is moving in tandem with the rest digital assets, but the disputes within the community and internal network issues increase bearish pressure.

Block.One, the company behind the project decided to participate in the voting process with its EOS tokens, which may discourage the project supporters. Block.One owns 10% of 1 billion tokens. Considering that the decision-making process on the platform depends on token holdings, the company may have substantial influence over the code and further project development.

EOS technical picture

Looking technically, the local support comes at $7.00; once it is broken, the price will move towards $6.89. On the upside, the selling interest is likely to appear on approach to $8.0 and $8.20 (50-SMA, 4-hour chart). A definite movement above this level will pave the way towards critical $9.00.

EOS/USD, 4-hour chart