EOS price analysis: EOS/USD sits is a range as EOS-based app falls victim to hack attack

EOS, the 5th largest coin with the market cap $4.9B and average daily trading volume $414M is changing hands at $5.58, unchanged both on a daily basis and since the beginning of Wednesday. The coin has been consolidating in a narrow range after a short-lived spike to $6.1 on Monday, moving in sync with other digital assets.

What's going on

Another EOS-based gambling app EOSBet has fallen a victim to hackers, who stole at least $338,000 from hot wallets. The incident happened on Monday, October 15 and became the second hack attack on EOS dApp in less than 35 days. The incident brought to light the security problems of the platform as the hackers used malicious code to cheat EOS smart contract and force it to credit their accounts with EOS tokens.

The app's developer team released a statement, confirming the attack and advising the users to check their wallets for suspicious transactions. EOSBet team promised to perform an extensive audit and improve its security measure to prevent any future attacks.

EOS technical picture

Looking technically, EOS/USD is supported by $5.55 (SMA50, 4-hour) with the next support registered as low as $5.20. If it is cleared, the sell-off may be extended towards $5.00 (psychological level and September 26 low).

On the upside, the recovery is capped by $5.68 (Tuesday's high). This resistance is followed by psychological $6.0 and Monday's high at $6.10.

EOS/USD, 4-hour chart