EOS price analysis: Eyes psychologically set on $6.0; CTO Dan Larimer talks about cryptocurrency mass adoption

• EOS is trading at $5.66 with $5.8 capping intraday gains.
• “The early adoption of Bitcoin and cryptocurrencies is very philosophical,” Dan Larimer.

EOS has trimmed gains slightly on Tuesday; it is down over 1% on the day while trading below the hourly moving averages. In the last 2 weeks of September, EOS corrected higher even brushing shoulders with $6.2. However, it also trimmed most of the gains testing the support at $5.0. In the mid-last week, the price made another upside correction but this time, the trend hit a snag at the swing high of $6.05.

Consolidation followed as the price sought for balance above $5.50. In fact, all the movements below this level were protected at the 23.6% Fib retracement level with the previous upward swing of $6.05 and a downward swing of $5.0. On the upside, EOS has been stuck at $5.90 while the key resistance is at $6.0 slightly below the upper supply zone at $6.05. In the meantime, EOS is trading at $5.66 with $5.8 capping intraday gains. A support has been formed at $5.60 while the trendline support will continue to provide anchorage.

While in an interview with CNR, EOS CTO Dan Larimer dived into the contribution of blockchain to business development around the world. Blockchain, according to Larimer must offer business and people security and foster transparency. He also shared his opinion on how cryptocurrencies can achieve mass adoption. He stated:

“So far, the early adoption of Bitcoin and cryptocurrencies is very philosophical. It’s inherently limited to people who actually believe in the cause. That’s true with all early adoption. It’s true with electric cars. It’s true with blockchain.”

EOS/USD 1-hour chart