BancorX launched allowing direct EOS to ETH conversion; the market reaction is muted

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  • Bancor launched its BancorX tool into operation.
  • EOS/USD remains unchanged since this time on Monday.

EOS ventured a move above $5.6 on Sunday, but the momentum proved to be unsustainable as the coin slipped to $5.5 by the time of writing. The fifth largest digital coin with a market value of $4.9 stays unchanged on a daily basis amid low volatility.

BancorX goes live

The decentralized liquidity provider Bancor finished EOS blockchain integration and started cross-platform trading of ETH and EOS tokens. The company first announced the launch of BancorX in September. The product will allow converting EOS tokens into Ethereum tokens directly, bypassing cryptocurrency exchanges. Now that the integration process is over, BancorX can add a countless number of new blockchains.

Bancor co-founder and head of business development Galia Benartzi commented:

“The ability to easily convert assets cross-chain points to a future in which token projects and users are empowered to seamlessly interact with any blockchain which best suits their needs.”

EOS’s technical picture

EOS/USD has returned in the range that dominated at the end of October. The upside is limited by $5.6 handle, while support is created by a congestion zone around $5.4. The latter coincides with the short-term upside trendline that goes from October 31 low registered at $5.0. A sustainable movement under $5.4 will open up the way to $5.31 (SMA200, 1-hour) and $5.2.

On the upside, EOS bulls need to push the coin above $5.6. Once the recovery gains traction, the price may proceed to critical $6.00, which was last seen on October 15.

EOS/USD, 1-hour

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