- EOS is up 4% on a daily basis, but the recovery momentum is fading away.
- The community discusses EOS ICO and the destination of the raised $4B.
EOS, the 5th largest coin with the market cap $4.49B and average daily trading volume $642M is changing hands at $4.98, nearly 4% higher on a daily basis. The coin is moving in sync with Bitcoin and other cryptocurrencies, recovering from the weekend slump. EOS/USD stays marginally below critical $5.00 after a short-term dip to $4.61 low on Saturday.
Meanwhile, Reddit community is discussing the Vincent Briatore video where he discusses EOS ICO and the way the team plans to spend the money. Mr. Briatore, an Italian-American Entrepreneur, analyst and investor, refers to the interview with EOS devs at Blockchain Beach meetup in Santa Monica.
He stresses that the company that raised $4B in one-year long ICO had no idea how to use this money. Moreover, it is not clear whether they needed the money after all.
EOS technical picture
Looking technically, $5.00 is critical for the short-term momentum. This level is strengthened by SMA100 (1-hour), thus a sustainable movement EOS/USD is supported by SMA50 (1-hour chart) right below. Once it is cleared, the downside may be extended towards the above-said Saturday’s low at $4.61. On the upside, the strong resistance is produced by $5.33 – this is the highest level of the recent recovery attempt reached on September 7. The fact that the price lost the ground quickly may be regarded as a negative factor. The next barrier is seen at $5.64 (SMA200, 1-hour).
EOS/USD, 1-hour chart
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