- EOS gained 5% on a daily basis and stayed rangebound early on Thursday.
- EOS referendum system launch is positive for price momentum.
EOS, the 5th largest coin with the market cap $5.5B and average daily trading volume $968M is changing hands at $6.13 after spiking to $6.50 during late Wednesday hours. The coin continues to beat the market with nearly 50% growth from the recent low touched at $4.1 on August 14. EOS price has gained over 5% in recent 24 hours but stayed unchanged since the beginning of Thursday.
While the fundamental reasons for the explosive growth are not clear, the upcoming EOS referendum system might have served as a trigger that brought into action a series of technical factors. While not everyone is satisfied with the proposal, EOS referendum system is supposed to make the decision-making process more democratic.
EOS technical picture
Looking technically, EOS/USD managed to stay above $6.0 handle, which is considered as a positive development that opens up the way to further recovery with the first aim at $6.5 (Wednesday’s high) strengthened by DMA50. Once this level is cleared, the upside may be extended towards $7.00.
On the downside, EOS/USD is supported by $6.0 and $5.78 (Wednesday’s low). Once below, the sell-off may be extended towards $5,44 (SMA100, 1-hour chart) and $5.17 (SMA200, 1-hour chart).
EOS/USD, 1-hour chart
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