EOS price analysis: EOS/USD up 11% on a daily basis, short-term correction is likely

EOS, the 5th digital coin by market value, gained over 11% on a daily basis, despite the downside correction from early Asian highs registered at $9.30. Global recovery on the cryptocurrency market triggered the upside, but the downside correction looks likely as the coin is overbought. EOS market value is registered at $7.8B, with average daily trading volumes at $970M. EOS/USD is changing hands at $8.83 with a bullish bias.

Meanwhile, Block.One, the dev team behind EOS ecosystem is getting ready for a Hackathon event that is scheduled to take place on August 4-5 in Sydney.

This is the second event in a series of five global blockchain hackathons, where teams of developers building on EOSIO protocol will compete for a grand prize of $500,000.

“At Block.one, we see Australia as a critical market for the growth of blockchain in the region. We’re excited to be bringing the EOS Global Hackathon to Sydney and are looking forward to working with the world-class developer community here,” Rob Jesudason from Block.One commented.

EOS technical picture

The intraday picture looks bullish as the price stays above both 100 and 50-SMA ($7.6 and $8.2 respectively, 1-hour chart). However, the short-term recovery is capped at $9.00, followed by $9.3, which is the intraday high. If the price breaks through this area, the upside may be extended towards $9.88 (50-DMA) and psychological $10.00.

EOS/USD, 1-hour chart