- EOS is rangebound after strong growth during the weekend.
- The price moved away from critical support at $7.00.
EOS/USD is changing hands at $7.9, struggling to settle above $8.00 handle. The coin had a tough week but managed to gain ground amid global cryptocurrency market recovery. The coin lost 33% in June and about 45% since the start of the year. EOS market value is registered at $7B, the average daily volume is $612M, notably lower from Sunday’s $800M.
Despite a rough start and problems experienced during migration to original network, EOS bulls are still numerous. They believe in the long-term potential of the ecosystem, which is going to support the coin behind it. Thus, co-founder of Multicoin Capital Hedge Fund Kyle Samani confirmed that he holds EOS position as recent problems caused disputes among developers, but they don’t matter in the long-run.
Samani reminded that Ethereum faced similar issues when it launched its network a couple of years ago; however, today it is one of the most popular platforms with the second largest digital currency behind it.
EOS technical picture
Looking technically, EOS/USD is limited by $8,00 handle. Once it is broken, the upside may be extended towards $8.25, which is the highest level since June 27. On the downside, the coin is supported by 100 and 200-SMA (hourly chart) clustered around $7.8 handle. A sustainable movement below will increase selling pressure and push the price to $7.00
EOS/USD, the daily chart
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