EOS price analysis: EOS/USD down 7% on a daily basis amid spam attack

• EOS is the worsk performing coin out of top-10.
• EOS network fell victim to spam attack.

EOS, the 5th digital coin by market value, is changing hands at $7.62 at the time of writing, down nearly 7% on a daily basis and -1.8% since the beginning of Tuesday. The coin is one of the worst performing cryptocurrencies out of top-10, down 15% since the recent peak reached at $9.34 on July 18.

EOS market value is registered at $6.9B; thedaily average trading volume has settled at $832M.  

Meanwhile, EOS, once accused of spamming Ethereu, network, also fell victime to spam transactions. It surpassed Ethereum and Steem numbers on Sunday, fueled by a wave of spam from  Blocktwitter smart contract that created  hundreds of transactions every second with a message saying “WE LOVE BM.”

EOS technical picture

While EOS/USD has recovered from $7.43 low reached late on Monday, the  intraday picture looks bearish as the price stays below $8.00, capped by short-term MA levels. However, the dowinside correction may be limited by $7.40 so far. If it is broken, the selling pressire will increase and take the price to $7.00 handle. On the upside, a sustainable movement above $8.00 is needed to get a chance for an extended recovery towards recent highs.

EOS/USD, 1-hour chart