EOS price analysis: EOS/USD jumps above $5.3 despite revealed network vulnerability
- EOS gained 6% on a daily basis, moving in lockstep with other major coins.
- EOS network bugs failed to discourage traders.
EOS, the 5th largest coin with the market cap $4.8B and average daily trading volume $569M is changing hands at $5.33 after spiking to $5.43 during late Monday hours. The coin has gained nearly 6% on a daily basis and lost 0.85% since the beginning of Tuesday.
The recent sharp rise of EOS is driven by overall positive sentiments on the cryptocurrency markets and fuelled by speculations about a large buying order in EOS/USD on Binance.
The speculations about just another bug in EOS network failed to discourage traders so far as EOS dev team was quick to fix the flaw that allowed hackers to insert malicious code that led to the incorrect distribution of RAM when transactions took place.
EOS technical picture
Looking technically, EOS/USD reached the bottom at $4.17 on August 14 and had been growing steadily ever since. The bulls managed to keep EOS price above $4.50 handle since August 16, creating a nice jumping-off-ground for another upside movement.
From the longer term point of view, $5.65 (the recovery high) is the critical resistance that needs to be taken out before $6.0 and $6.6, come into view.
On the downside, EOS/USD is supported by $5.00 (SMA50 and SMA100, 1-hour chart) and $4.9 (SMA200, 1-hour chart).
EOS/USD, 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
