Price analysis

EOS price moving within a triangle, could there be an upsurge?

EOS price added 2.34% in the last 24 hours to trade at $5.67. Currently, the digital currency is changing hands around $5.65, after seeing a 10% increase in the last one week. As such, with all indications pointing to the same direction, we suspect there might be an upsurge in the near future.

Price Analysis

The bulls are attempting to hold the coin’s price above the 50-day SMA, which shows buying at lower levels. A break of this support may sink it to the next support at $5. The flat moving averages and the RSI close to 50 levels shows equilibrium between the bulls and the bears.

On the upside, EOS is facing resistance at $6.0473 and $6.8299 levels. Continuation of the head and shoulders pattern will be invalidated above $6.8299, which is a bullish sign. As long as the coin’s price continues to hold above the 50-day SMA, there might be an upsurge in the coming weeks.

News and Developments

Recently, there were reports alleging that Huobi exchange is participating on the EOS voting, using funds deposited by the users. A spreadsheet showing alleged voting pressures under which Huobi could sway the vote for EOS block producers was circulating the web. Moreover, the most outrageous allegation is that the firm paid to receive votes and become established in its position.

Consequently, Huobi issued a statement to deny these allegations. However, according to EOS blockchain statistics, Huobi is among the most powerful accounts due to its EOS ownership. Additionally, it’s one of the largest among voters, and the block producer account is the most influential.

Since the launch of EOS, the platform has developed tremendously to become the 5th largest cryptocurrency in the market. However, with such negative reports, it remains to be seen what the future holds for the platform.

Do you think the coin’s price may surge in the near future?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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