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  • EOS sits at critical $5.00 after a short-lived recovery.
  • About 1B fake EOS tokens have been injected in the system.

EOS, the 5th largest coin with the market cap $4.6B and average daily trading volume $619M is changing hands at $5.09, gaining over 5% on a daily basis. The coin has recovered from Monday’s low of $4.65 lockstep with other altcoins. The positive drive for the global cryptocurrency market pushed EOS/USD above critical $5.00, despite concerns about the stability of the EOS ecosystem, triggered by the recent hack attack.

According to TheNextWeb research, hackers flooded a decentralized cryptocurrency exchange (DEX) Newdex with $1 billion worth of fake EOS tokens and stole about $58,000 worth of digital coins from the users of the exchange. The platform admitted the incident and confirmed the fact that one EOS account issued 1B fake tokens.

The support team was quick to fix the problem, though no compensation for losses has been offered to the affected users so far.

EOS technical picture

Looking technically, EOS/USD is supported by $5.00 handle strengthened by SMA50 (1-hour chart). Once it is broken, the downside may be extended towards the recent low at $4.65. On the upside, the resistance is created by SMA100 (1-hour) at $5.20, which is followed by DMA50  at $5.52 and $6.0.

EOS/USD, 1-hour chart