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  • “EOSfinex is the first high-performance, trustless trading platform to be built on EOSIO technology,” Kasper Rasmussen noted.
  • EOS price is getting ready for a comeback above the broken support at $8.5; stochastic is in the oversold.

Bitfinex cryptocurrency exchange is developing a trading platform referred to as EOSfinex that will combine the exchange’s vast experience and EOSIO speed and scalability. An official from Bitfinex, Kasper Rasmussen, describes the decentralized application as “EOSfinex is the first high-performance, trustless trading platform to be built on EOSIO technology. EOSfinex will combine the scalability and speed of EOSIO with the expertise accrued at Bitfinex to provide the space with an on-chain exchange experience based around instantaneous, transparent and trustless trading of digital assets.”

EOSfinex takes advantage of EOS technology to bring forth innovation that is security and scalability oriented. It is being developed to revolutionize value exchange among third parties around the world. The exchange is committed to using its expertise, resources and with the support of their customers, it can test the limits of EOS technology especially security and speed. The application has made it through the initial development phase, besides it was first revealed at the Bitfinex Hackathon in London.

EOS price analysis

EOS is battling to find a balance at the 61.8% Fib level taken between the high of $9.12 and a $6.77 low close to $8.20. The price declines further yesterday, rejecting the short-term support at $8.5. EOS/USD is trading between the moving average support and resistance. However, the 100 SMA is above the 200 SMA showing that, the buyers still have momentum left to reverse the trend towards $8.5 (broken support).

The stochastic is in the oversold region, which also means that the bears are exhausted and buyers could find an entry at the current price. The 100 SMA is dynamic inflection point likely to support the price as it curves another upward trajectory. $8.5 is a breakout point (supply zone); trading above this level could see EOS/USD revisit $9.00 in the medium-term. However, if the support at $8.00 fails to hold, a break down could test $7.0 on the downside.

EOS/USD 2-hour chart