EOS overview: Hacker stole EOS worth of $7.7B, so why EOS is growing?

• EOS/USD is the market leader on Thursday.
• Hacker stole over 2M EOS coins that were found on Huobi.

EOS/USD is changing hands at $3.63, gaining nearly 4% in recent 24 hours. The fourth largest cryptocurrency with the market capitalization of $3.2B has been growing rapidly despite a consolidative pattern of other coins.

Notably, the recovery has been developing despite the report about a hacker that managed to move over 2M EOS coins (worth of $7.7M) due to the error of a new    EOS Block Producer who failed to update its blacklist of compromised accounts. The stolen funds were found on Huobi, where the security team noticed suspicious activity and froze the funds. The fact that the bad guy was found quickly and failed to get away with the loot might have created some positive vibes for EOS.

EOS/USD, the technical picture

EOS/USD touched the intraday high at $3.71; however, the recovery seems to be capped by SMA100, SMA200 (1-hour) and SMA50 (4-hour) clustered around that level. A sustainable move higher will lear the way towards the net barrier created by psychological $4.00 also guarded by DMA200. Most likely, this area will hold the bulls back for now.

On the downside, the critical support is seen at $3,0, followed by a cluster of DMA100 and DMA50 at $2.80. However, we will need to clear $3.50 (SMA50, 1-hour) and $3.40 (SMA100, 4-hour).

EOS/USD, 1D chart