- EOS price is still trapped in a descending channel since the beginning of June.
- In the previous ranking by the CCID Ethereum was in the first position.
EOS price is battling to leave the selling pressure behind on the first day of the week. The declines that swept across the entire crypto market last week had EOS/USD tumbling without support to trade lows of $7.00 over the weekend. The cryptocurrency, however, has managed to reverse the trend and has recoiled above $8.00.
The Bears, on the other hand, are not done despite the extended declines. The upside has been capped below $8.5, moreover, the buyers are fighting for support at $8.00. EOS price is changing hands marginally above the immediate support at $8.00. There is a descending channel that has been limiting gains since the beginning of June. Similarly, EOS is still trading within the confines of the descending trendline.
Technical indicators like the stochastic, the 50 SMA and the 100 SMA are pointing towards the comeback of buyers in the near-term. However, the buyers must prevent further declines by holding on to the support at $8.00. A break below the immediate support could have EOS/USD testing the major support area at $5.00.
In other news related to EOS, the Chinese government has revised its global blockchain ranking which is handled by the China Electronic Information Industry Development (CCID). EOS has been ranked in the first position, followed by Ethereum and NEO completes the top three technologies. In the previous ranking, Ethereum was in the first position. EOS mainnet is relatively new, however, the Chinese government claims that it is an advanced technologically. Well, this ranking is according to the Chinese government, other experts in the industry will probably differ noting the fact that EOS has been live only a couple of weeks now.
EOS/USD 4- hour chart
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