EOS/USD tiptoeing in the range
EOS, the fifth largest cryptocurrency by market capitalization, together with other crypto assets, felt way better on Thursday morning. During the Asian session, the coin tried several times to break the $14.00 mark in pair with USD. However, the European traders didn’t follow the Asian tendency, and by the time of writing, EOS/USD came back closer to the $13.00 mark.
There were no special drivers behind the coin’s dynamic, but it is worth mentioning that Brendan Blumer, Block. One’s CEO , claims EOS has “the most powerful infrastructure for building decentralized applications (DAPPs)”. Putting it another way, this coin was created to solve the centralization problem because it satisfies all the participants’ interest.
Meanwhile, the coin’s correction continued. The price is meandering a little bit lower the 50% Fibo. This is a critical mark that should sustain the bullish pressure. If the bulls succeed, they meet the next resistance at 20-day SMA at $16.60.
On the downside, the break of 50-day SMA at $11.88 will let EOS/USD to check the support at $10 level where the descending trend line lies.
By today, the digital currency lost the major part of its impulse and may stay stuck in a range for several days before a new trend begins. In case EOS/USD breaks the descending channel and is able to settle above it, we’ll change our view.