EOS price analysis: EOS/USD moves in sync with other cryptos, sits above $10.00

EOS recovery has stalled, proved to be short-lived.
Block.One CTO promises to stop crypto fraud.

Tanya Abrosimova Independent Analyst

EOS/USD is changing hands at $10.57. The coin is up 3% on daily basis but unchanged since the start of the day. EOS market value is registered at $9.5B with average daily trading volumes $683M. A short-lived correction failed to get a meaningful follow through, which may be a signal that bears are getting ready to take the control over the situation once again.

Dan Larimer, CTO from Block.One, promises the community to end crypto fraud and theft, which is a nice goal, but a bit of a utopian one. As long as hacks and fraud that plague crypto community, massive adoption of digital money is hardly possible. However, the solution offered by EOS is somewhat controversial as it implies a certain level of human intervention and the power to freeze wallets.

EOS technical picture

Looking technically, EOS/USD is still close to psychological $10.00 handle. If it is broken, the downside momentum will take the price towards $9.08 (June 13 low) and $8.03 (78.6$ Fibo). On the upside, the local resistanceis created by 11.00 (100-DMA) and $11.22 (61.8% Fibo), followed by $13.46, which is 50% Fibo retracement.

EOS/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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