No relief for EOS, despite EOS GO Vote: EOS/USD down 14% on daily basis, risks to go lower

EOS/USD is changing hands at $11.20, down nearly 14% since this time yesterday. The coin was one of the worst performers during the weekend, losing over $2B of its value. Meanwhile, trading volumes more than doubled, from $1.1B to $2.4B, which makes the sell-off look especially ominous.

EOS finally managed to launch its network after a long and painful process of bug hunting and serial No Votes from Block Producers. The coin jumped initially on the announcement, but the gains were quickly reversed amid general bearish sentiments of the cryptocurrency market. 

What's more, now there is another problem. EOS community needs to vote for Blockchain Producers to activate the mainnet, but people are frustrated by complicated process and user-unfriendly GUI of the voting app. Many report issues and failure to proceed with votes. Minimum number of votes required for system activation is 15% of the total. Current progress - less than 2%.

EOS technical picture

Looking technically, EOS/USD is supported by $10.43, which is 100-DMA on the daily chart. Once this level is broken, $10.00 will come into focus, followed by $9.66 (200-DMA). On the upside, the recovery is capped by 61.8% Fibo retracement at $11.22. A sustainable movement higher is needed to trigger more meaningful recovery with the first aim at $13.46 (50% Fibo) and $14.51 (50-DMA).

EOS/USD, the daily chart