Tanya Abrosimova
Independent Analyst
- EOS drops below $7.00 amid growing bearish pressure.
- James Mendes from Citibank will join Block.One
EOS is the worst performing virtual currency from top-10. The coin has lost 4.3% on a daily basis and nearly 7.5% since the start of the day as a sustained break below $7.00 handle increased the bearish pressure. EOS market cap slumped to $5.9B from $6.1 on Tuesday, while average daily trading volumes settled at $541M.
The intraday picture is clearly bearish as the coin trades well below all 1-hour MAs. Stop orders triggered on a break below $7.00 level exasperated the pain and pushed EOS/USD to $6.59, which is the lowest level since April 11. If the price fails to get back above $7.00 in the nearest future, the downside may be extended towards $6.00 and $5.70. On the upside, $8.00 is the ultimate resistance for the coin. It is strengthened 78.6% Fibo level and both 100 and 50-SMAs on 4-hour chart.
Meanwhile, another Wall Street banker left the traditional financial institution for a crypto project. This time James Mendes Human Resources Managing Director at Citibank will join Block.One as Chief People Officer, according to the official press release.
He will be responsible for Group human resources, creating and implementing culture and talent structures of the company.
“Attracting, developing and retaining the best people is critical to our continued success. James has a proven history of leading human capital businesses and extensive experience supporting financial services and technology companies to implement human resources solutions across the globe. We look forward to him joining the team,” James Mendes commented.
EOS/USD, 4-hour chart
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