All in the greens and the market is having an upside momentum. Bitcoin [BTC], Ethereum [ETH] and Ripple [XRP] had gained 2.38%, 5.32% and 2.14% respectively at 2:58 PM UTC. Ontology [ONT] and Verge [XVG] are the winners in the last one-month statistics as they have gained 93.94% and 31.57% respectively which is way higher than that achieved by the major coins. EOS is also under an upside momentum with the prices rising rapidly. The market capital which was at $396.455 billion around one month ago is now at $270.365 billion.
Our team at AMBCrypto has been analyzing the market sentiments for many months now and we have been delivering to our readers’ sentiments from around the world. By interviewing a group of investors, miners, journalists, skeptics, and influencers, sentiments, and comments on the market trends were gathered and are presented in a concise manner. This analysis will be on EOS which is ranked at the 6th spot in the rankings.
EOS is the only coin in the top 20 list to have had a major gain today as well as in the last 7 days. There is a strong bullish momentum for the coin right now and the coin escalated from $6 to $7 in a matter of 11 hours which is a huge bull run. The coin at 3:31 PM UTC was trading at $7.11 and it had a market capital of $5.596 billion. The coin has a favorable setting to attack the resistance. The new trend has to be confirmed and there is a chance for a short-term bullish trend.
Cameron Jenkins, an EOS investor from Fort Worth says:
“There is a strong buying pressure for EOS on Bitfinex as there is buy wall formation. More people are buying the coin as they feel that the momentum will take it to higher levels. As for me, I bought it one week ago and now I’m planning to sell it as I feel that this trend will not last.”
Ashwin Suvarna, an accountant form Trivandrum says:
“The MACD is in the positive range but it is without much slope or wideness. The charts are in favour of a continuation for this bullish trend but you never know since a deadcross is almost formed. Let’s just hope that this bullish trend will not subside.”
Fredrick Adams, an altcoin expert from Florence says:
“The price is expected to drop in the long term picture. By the end of this month, it will come down to $5.449. There is a major resistance formed at $8.57 which will be hard to break. The coin has reached its peak and it will go down. For those of you who want to sell it can do now.”
To conclude, 61% of EOS respondents are overwhelmed by the coin’s gains and are expecting the coin to maintain the upside momentum. Another 39% of the EOS respondents are expecting a dip in the price soon which may start from today.
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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.
Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.
Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.
On the recent developments surrounding the case, Stephen Palley stated,
“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.
Even so, court says there’s a time problem — claims for unregistered sale of securities have to be brought within a year after the violation on which they are based, under federal law. Because this isn’t pleaded, these claims are dismissed with leave to refile. 4/4
— Palley (@stephendpalley) May 20, 2019
The lawyer concluded by tweeting,
“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”
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