• EOS/USD gains 5% on a day-on-day basis on Tuesday.
  • Five million USDT tokens have been swap-chained to EOS blockchain.

EOS, now the 7th largest digital asset with the current market value of $3 billion, gained 5% in recent 24 hours to trade at $3.15 at the time of writing. EOS is one of the best-performing coins as positive cryptocurrency market sentiments are supported by EOS-related fundamentals.

Bitfinex moves $5 million in USDT to EOS blockchain

Cryptocurrency exchange Bitfinex and a decentralized trading platform EOSFinex successfully completed the cross-chain conversion of five million USDT into the EOS blockchain.

The platforms believe that this move will protect EOS-based decentralized applications (dApps) from high price volatility typical to digital assets. According to the statement, the protocol is already used by 49 of the 100 leading dApps.

The company's next goal is to fully launch EOSFinex on the main network.

Currently, USDT operates on Bitcoin, Ethereum, TRON, Algorand and Blockstream's Liquid blockchains.

EOS/USD, the technical picture

On a daily chart, EOS/USD is changing hands at the middle line of a Bollinger Band. This line creates the initial support for the coin. Once it is out of the way, the downside correction is likely to gain traction with the next focus on psychological $3.00 and Monday’s low of $2.90.

On the upside, strong resistance is created by  SMA50 (Simple Moving Average) daily currently at $3.43. We will need to see a sustainable move above this handle for the extended recovery towards $4.00.

EOS/USD, daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News


Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast