EOS price analysis: EOS/USD drops like a stone, down 8% on daily basis amid governance issues

• EOS lost 8% on daily basis, no recovery in sight.
• Block producers quarrel and fight.

EOS/USD is changing hands at $7.41. Despite a relative stability during early Asian hours,  the coin has lost over 8% in resent 24 hours amid major sell-off triggered by piling up EOS governance issues. EOS market value is registered at $6.7B with average daily trading volumes $658M. The asset has lost nearly $3B of its value in a week.  

EOS project lured investors by huge promises that helped to raise financing to the tune of whooping $4 billion. Now its’ high time to perform, but the project has to deal with endless problems that pop up over and over again. It seems that the biggest issue is related to governance and  coordination problems.

The recent conversation between block producers revealed a lot of friction and misunderstanding and draw community attention.  

“On a more serious note it’s actually interesting to have a look at /r/eos. It’s all small-scale politics. “Oh BP Y sucks, vote for BP X because they’re awesome”. It’s a social media/political campaign to get your BP “elected” so you can earn free EOS/money,” Bitcoin enthusiast known under Whale Panda nickname tweeted recently.

EOS technical picture

Looking technically, EOS/USD is capped by $8.00 resistance, created by 78.6 Fibo retracement. Th coin needs to clear it to get a chance for an extended recovery with the initial aim at $10.0 On the downside, a sustainable movement below $7.00 will trigger the sell-off towards $5.8 (April 11 low).

EOS/USD, the daily chart