Why EOS investors have much to worry about despite a favorable audit report
- The latest EOS report highlighted the Eostat project that aims to establish data reliability.
- However, the token registered a double-digit price decline, and indicators were bearish.
EOS recently published the latest edition of its Q1/Q2 audit report, which provides a comprehensive review and analysis of Pomelo and affiliated EOS Support projects.
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The objective of the report was to give EOS Respect and the larger EOS community adequate project details to help users make decisions during the pomelo seasons.
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A brief about the audit report
To further expand, the audit report highlights the collective efforts of EOS Support, as an organization, to facilitate the tracking of project progress and deliverables. In the report, the projects that EOS token owners reported during the Pomelo season received priority from the EOS Audit Community.
One of the projects that made it into the report was Eostat. The project was built to establish data reliability by introducing the concept of eostatic data. The term refers to information that is immutable and can be verified by any party.
Notable projects mentioned in the report
Apart from Eostat, several other projects were also mentioned in the report. For instance, Metahub, is a web plugin wallet designed for the blockchain and its side chains.
The project has a roadmap that has quite a few updates planned for the coming months. Another project was Defibox IBC. The project’s goal is to create an Antelope Inter-Blockchain Communication (IBC) application that works with EOS, WAX, TELOS, and UX.
EOS looked concerned
While the report was drafted, EOS’ price action turned bearish as it registered a double-digit decline. According to CoinMarketCap, the token’s price was down by over 14% in the last seven days.
At press time, it was trading at $1.04 with a market capitalization of over $1.1 billion. The massive price decline caused a substantial surge in negative sentiment around EOS, which was evident from Santiment’s chart.
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The storm is far from over
A look at the token’s daily chart gave more reasons for concern, as most of the market indicators were bearish. The MACD’s data revealed that the bears were way ahead of the bulls in the market.
EOS’s Chaikin Money Flow (CMF) registered a steep decline and was heading further below the neutral mark. Additionally, the token’s Relative Strength Index (RSI) was also hovering at 35.62, further increasing the chances of a continued price decline in the short term.