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  • EOS is the most popular crypto project according to China’s researcher.
  • EOS/USD tests water above $5.30.

China’s Center for Information and Industry Development has published new ranks of 33 cryptocurrency projects, evaluated in several categories. Bitcoin’s rating has deteriorated, while EOS and Ehereum held the top position in the Chinese rating.  

These two projects have been occupying the top two positions since the  June’s update.  

“At present, EOS and Ethereum are undoubtedly the preferred platforms for Dapp development worldwide, and EOS is showing a stronger momentum. The data shows that EOS Dapp is highly active and user increments are large,” according to the report.

Meanwhile, EOS, the 5th largest coin with the market cap $4.8B and average daily trading volume $601M is changing hands at $5.31, gaining 0.76% in recent 24 hours. EOS/USD is attempting to escape a short-term range limited by $5.3 on the upside and $5.0 on the downside.

EOS technical picture

Looking technically, EOS/USD is supported SMA100 (1-hour) currently at $5.21. Once it is cleared, the downside may be extended towards the above said $5.00 handle, which is the lowest level since September 26 and strong psychological support. If it fails to stop the bears, the downside will be extended towards $4.76 (September 18 low).

On the upside, the recovery is capped by $5.4 (SMA100, 4-hour) with the next focus on SMA200 (4-hour) at $5.5. The upper border of the recent channel at $5.60 is likely to cap the recovery. The ultimate support is seen at $6.00, a sustainable move higher is needed to mitigate the bearish pressure.

EOS/USD, 4-hour chart