EOS price analysis: EOS/USD barely hangs on to $11.00; China’s cybersecurity research firm, 360 discovers vulnerabilities in EOS blockchain

EOS price is trading within the contracting triangle pattern after attempts to break above the upper descending trendline have been declined. The area at $12.00 is offering immediate support and is a hurdle in the intraday trading on Tuesday.

The moving averages on the 4-hour timeframe chart are acting as dynamic resistance positions to the upside. The 100 SMA highlights the short-term target at $12.5 while the 100 SMA puts the week’s target at $14.00. There is a weak bullish trend shaping up on the chart, with EOS/USD exchanging hands at $12.56.

The RSI on the same chart is at the 40 mark and is in an upward direction. Besides, a breakout is in the pipeline, moreover, the EOS mainnet is just days ahead which means that an upside breakout is expected in the next few days. The ascending trendline of the contracting triangle is currently supporting the price, but continued downside movements will be stopped at another support area close to $10.00.

In the latest news in the market, 360, a China-based cybersecurity company has reported several high-risk vulnerabilities in the soon to be launched EOS blockchain. Weibo, the Twitter version of China, noted that the said vulnerabilities have the ability to run arbitrary code on EOS protocol node. If this happens, EOS nodes can be taken over remotely. The post by Weibo reads:

“On the early morning of the 29th, 360 first reported the vulnerability to EOS officials and helped them repair the security risks. The person in charge of the EOS network said that the EOS network will not be officially launched until these issues are fixed.”

EOS/USD 4-hour chart