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  • EOS stays above $7.00, capped by 200-SMA.
  • EOS network may be attacking Ethereum network, developers’ research shows.

EOS, the 5th digital coin by market value, gained nearly 5% on a daily basis, despite the downside correction from Sunday’s high reached at $7.52. The upside is caused by overall recovery on the cryptocurrency market where all major coins are green. EOS market value is registered at $6.5B, while trading volumes are subdued in Asia after a short-term spike late on Sunday. EOS/USD is changing hands at $7.33 whith bullish bias.

Meanwhile, developers and crypto traders accuse EOS network of abusing Ethereum blockchain through unfair tactics. That’s the conclusions of dapp developers from PoWH3D and Fomo3D. They posted his research results in a Reddit post to prove his argument, saying that 40% of the Ethereum’s network is used by a single contract.

“It seems tons of ,”unique” accounts are transferring massive volumes of this token constantly, almost 50 ETH of gas an hour have been steadily used for nearly 24 hours now. Just to transfer individual tokens to the Fcoin exchange. But of course. The exchange is just a red herring to distract you from what’s really happening,” the post states, backed by links to transactions history.

The developers further claim the tokens are shoved to many accounts that are spamming the Ethereum network and then send it back to the main account to simulate trading volume.

EOS technical picture

The intraday picture looks bullish as the price stays above both 100 and 50-SMA ($7.00 and $7.08 respectively, 1-hour chart) and critical $7.00. However, the short-term recovery is capped by 200-SMA at $7.46, followed by $7.50. If the price breaks through this level, the upside may be extended towards $8.00, which is strengthened by 78.6% Fibo level.

EOS/USD, 1-hour chart