EOS price analysis: EOS/USD close to $10.00 after EOS network freeze
|- EOS under selling pressure, vulnerable to further losses.
- Bug in protocol caused EOS network freeze.
EOS/USD is changing hands at $10.12, off the recent low reached on June 13 at $9.08. The coin is down 3.7% on daily basis, and down 1.4% since the start of the day. EOS market value is registered at $9.2B with average daily trading volumes $500M, three times lower than on June 14.
Meanwhile, EOS network froze for several hours on weekend due to a bug in its consensus protocol. EOS community broke into panic mode as it is not clear whether the ecosystem will be able to support distributed applications and provide fast and secure performance. Following the glitch, Block.One released a patch that restored the network functionality.
EOS technical picture
Looking technically, EOS/USD is dangerously close to psychological $10.00 handle. Once it is cleared, the downside momentum may take the price towards $9.08 (June 13 low) and $8.03 (78.6$ Fibo). On the upside, the local resistance is created by 10.50 (a cluster of 50 and 100-SMA, hourly chart), followed by $11.22 (61.8% Fibo)
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