EOS price analysis: EOS/USD spikes to 10.87 as  Bitfinex enables EOS deposits and withdrawals

• EOS gained 2% during early Asian hours, but the upside is limited.
• Bitfinex users now can deposit and withdraw EOS.

EOS/USD is changing hands at $10.68.   The coin spiked 2% during early Asian hours recovering from $10.20 low. EOS market value is registered at $9.5B with average daily trading volumes $725M. The upside momentum was accompanied by a short-term volatility spike, however, it is still subdued on a longer-term timeframe

The upside movement might have been triggered by the announcement that Bitfinex traders now can deposit and withdraw EOS – the first time after the transition from Ethereum blockchain to EOS mainnet.  

Basically, it means that the transition to  EOS.IO has completed successfully. The first user that received EOS  deposit address on Bitfinex,  noted the high speed of the blockchain and free of charge transactions.  

EOS technical picture

Looking technically, EOS/USD is locked in a range with the upper limit at $10.80-11.00 and the ultimate support at $10.00. If the upside momentum gains traction and the coin manages to get above $11.00 handle, $11.64 (June 14 high) will come into focus, followed by $12.00. On the downside, a sustainable movement below $10.00  will take the price towards  $9.08 (June 13 low) and $8.03 (78.6$ Fibo).

EOS/USD, the hourly chart