EOS stuck in a range as the news about large EOS transactions proved to be fake

EOS/USD is changing hands at $3.68. The coin takes the fifth place in cryptocurrency rating compiled by CoinMarketCap. The coin topped at $4.53 at the end of February and quickly returned to the area below $4.0 (DMA200).

Looking technically, we will need to see a sustainable move back above $4.0 handle for the recovery to gain traction. The next long-term target is seen at congestion zone $5.00 and $6.6 (SMA50, weekly chart). On the downside, watch out for $3.00 (DMA50) and $2.77 (DMA100).

Meanwhile, the rumors about EOS whales withdrew 1M coins proved to be fake. According to the Whale Alert, the large fake transaction was created by a user under «fuckhacker.x» nickname. The hacker used a delayed transaction feature to cheat algorithms and push fake transaction to the network before it was spotted and deleted.  

"This was a deferred transaction. The trx that creates the deferred trx can only determine whether the create request was submitted successfully or whether it failed. Once broadcast it is subject to normal validity checks,” that’s the explanation provided by EOS NewYork Block Producer.

EOS is not the only victim of fake transactions. Similar transactions worth of billions of XML tokens were registered on Stellar network on November 2018.

EOS/USD, daily chart