Key Takeaways:
- EOS had fork Antilope Leap 3.1 is here.
- It promises several key upgrades to the Network, but the EOS toke is not impressed.
- The digital asset could drop an additional 23% based on a technical setup.
YEREVAN (CoinChapter.com) – EOS price dropped over 10% in the last eight days and was trading around $1.20 on Sept. 27. Notably, the decline came after EOS Network announced its consensus upgrade to Antilope 3.1, calling it the “EOS independence day.”
EOS Hard fork Antilope Leap 3.1
According to the EOS Network Foundation (ENF) team, the Antilope Leap 3.1 contains several improvements, including “several useful features backported by OCI from EOSIO 2.1 and EOSIO 2.2.”
The upgrade also contains several new features, such as transaction lifecycle improvements, upgraded crypto primitives that power EVM-related cryptography functions, and block and SHiP pruning.
With an EOSIO codebase containing thousands of unresolved issues and all but abandoned by the original maintainer; EOS community engineers, led by the ENF, rallied and forked the stable EOSIO 2.0 code repository into a new codebase.
read the announcement.
Yves La Rose, the chief executive of EOS Network, commented on the upgrade, calling it the “hard-won culmination of our efforts to secure independence for the EOS blockchain.”
Thanks to the many dedicated developers and project leaders who rallied together and coordinated this massive feat of engineering, our code is now on solid footing. Thanks to a diverse and resilient community, the momentum we have been steadily building, is now a force to be reckoned with.
said the CEO.
The upgrade promised EOS Network much-awaited “independence” from previous creators and their code. However, the EOS token didn’t take the news too well.
EOS token could drop an additional 23%
On top of dropping 10% since the hard fork, the EOS token formed and confirmed a bearish pattern dubbed the ‘double top.’ The latter forms when a digital asset’s price action manages two consecutive rallies to the same level with a moderate setback.
A token confirms the setup by dropping below the neckline, which EOS did on Sept. 18. Moreover, the drop below the neckline could equal the distance between the tops and the neckline. Thus, the EOS target price would stand at $0.93, a 23% decline from the current value.
The plunging trading volumes confirm the bearish prognosis, testifying to the traders’ unwillingness to go all in and put real weight behind the token.
Stay tuned with the crypto world, and click here to discover why the community attempts to boycott Binance.
