EOS network transaction speed exceeds Visa’s, but EOS/USD down 6% on a daily basis despite record transaction speed

• EOS drops below 50 and 100-SMA on the hourly chart.
• EOS network registered a record number of transactions per second.

EOS, the 5th digital coin by market value, is changing hands at $7.95 at the time of writing, down nearly 6% both on a daily basis and since the beginning of Friday. The coin is moving in sync with other major virtual currencies, retreating from recent highs.

EOS market value is registered at $7.1B, off the recent high of $7.8B. The daily average trading volume has settled at $738M.  

Meanwhile, EOS network set a record in terms of transaction speed, by crossing 3,000 transactions per second (TPS) milestone and  beating all other coins. It is even more that average Visa TPS, which is about 1,700. While news proves the scalability of EOS and demonstrates its potential, it produced little to no effect on price movements.  

EOS technical picture

The intraday picture looks bearish as the price dropped below both 100 and 50-SMA ($8.32 and $8.55 respectively, 1-hour chart). However, the downside correction may be limited by $7.66. If it is broken, the selling pressure will increase and take the price to $7.00 handle. On the upside, a sustainable movement above $8.00 to get a chance for an extended recovery towards recent highs.

EOS/USD, 1-hour chart