EOS/USD on the rise fuelled by positive fundamentals

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