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EOS Price Analysis and Prediction for September 8th 2019 – Bull Run Intensifies

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Cryptocurrency markets decided to wake up a day earlier and start pumping on Sunday. While Bitcoin is still groggy, EOS is up over 12% and Ethereum is up over 7% in the past 24 hours alone! Moreover, EOS is getting ready for another bull run as we speak. Let’s take a look at any relevant EOS news that might be driving the price up and see if the charts tell us anything interesting.

EOS News

When it comes to current events, unfortunately there aren’t any exciting news when it comes to EOS. However, what’s exciting is how well the EOS blockchain has been scaling so far.

transaction count eth vs eos

According to the above chart from coinmetrics, we mapped the transaction volumes of both EOS (gray) and ETH (purple). As you can see, EOS’ transaction count is higher than that of ETH. At the same time, EOS doesn’t seem to be having an issue handling that large amount of transactions in the first place, which is one reason it also has more dApp users.

If you take a look at State of the dApps, you will see that EOS dApps have considerably more users than Ethereum. While most of the top 5 popular EOS dApps are cryptocurrency dice games, there is a reason why their developers chose EOS over ETH.

EOS Price Analysis

eos price chart double top bearish

Relative Strength Index: The RSI at the time of writing is at a high 62 points. It just recently tipped over the 70 point threshold into the overbought market territory, rebounding shortly after.

Bollinger Bands: As the price increased rapidly it crossed over the upper band, which caused the sharp rebound. Now that the price is within the range once again, it will be looking to stabilize.

Volume: There is quite a bit of volume for EOS right now, more so than for ETH or BTC (relatively speaking of course). This means that the market is alive and a sharp move in the near term wouldn’t be out of the question.

EOS Price Prediction

While we have been seeing some exciting bullish momentum for EOS, an unfortunate pattern has just unfolded – a double top. A double top is an extremely bearish sign which forms when an asset has reached a high point two times in a short period of time with a decline in between.

While the second top for EOS was slightly higher than the first, there was quite a decline in between. No chart is perfect, but this pattern should be taken into account. If you’re planning on entering a position, I would proceed with caution.

My prediction for EOS’ price is that it will respect the double top and retrace down to $3.5 where it’s comfortable. If Bitcoin decides to wake up, then EOS could harness enough power to make another bull run.

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EOS Price Analysis and Prediction for September 16th 2019 – Can EOS HODL $4 Support?

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It’s a great start to a new week for cryptocurrency markets. While there aren’t any big price changes, most markets are in the green today which is a great sign. EOS has finally reached the dreaded $4.0 support level. Let’s take a look at some relevant EOS news and see if anything caused that spike, we will also take a look at the charts and see what they have in store for us.

coinmarketcap
Source: Coinmarketcap

EOS News

The biggest news for EOS, and the main reason the price is exhibiting so much bullish momentum is due to the upcoming EOS version upgrade on September 23rd. As discussed in our previous EOS price prediction:

“THE BIGGEST DEAL ABOUT THE NEW EOS UPGRADE IS THAT IT WILL ALLOW DAPPS TO PAY USERS FOR THEIR CPU POWER.”

This new feature will give EOS a leg up on Ethereum and allow developers to create some truly revolutionary dApps. Ethereum is also gearing up for its ETH 2.0 upgrade on November so the two smart contract platforms are definitely going head to head.

In other not so positive news, NullTX reported how a hacker stole 30,000 EOS by exploiting a gambling dApp. The app in question is called EOSPlay and the hacker used the REX platform which allowed him to stake CPU power and in exchange “negate” other users’ transactions. An extremely clever technique that was going to be used to exploit an app by someone sooner or later.

EOS Price Analysis

eos price chart double top 9/16/19

Relative Strength Index: The RSI is currently at a healthy 43 points. It’s a bit low, but that’s expected given the recent slight price decline.

Bollinger Bands: The price is also leaning towards the low end of the band which most likely means it will stay at the current level for a few more hours at least.

Volume: The volume is surprisingly high at the time of writing. That’s most likely because it’s a start of a new week when market action usually picks up.

Double Top: With the EOS price dropping from a high of $4.15 to a current of $4.09, a double top pattern has formed. This pattern is extremely bearish, but the caveat here is that a double top usually signifies medium to long term trend change. Since we are looking at the 15 minute chart, we are dealing with short term trends. As such, there’s no reason to take the double top too seriously.

EOS Price Prediciton

Because we’re at the start of a new week, and with the EOS and Ethereum upgrades ahead of us, I’m going to predict that EOS will be able to hold the $4.0 support. Even though some news came out about the EOSPlay hack, 30,000 isn’t that significant and won’t have much of an impact on the market. On the other hand, with the new EOS version upgrade coming up in seven days, bullish momentum is in the works for the cryptocurrency.

On another note, it’s important to keep a good eye on Bitcoin’s price movements. As any big swings will have a similar effect on the rest of the crypto markets.

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EOS Price Analysis – Bulls are Taking Over the Market

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EOS price:$4
Key EOS resistance levels:$4.5, $5, $5.6
Key EOS support levels:$3.7, $3.2, $3

*Price at the time of writing

EOS Long Term Trend Price Prediction: Bullish

The mid-year bearish correction seems to be over for EOS EOS, 8.69% as the market shows a positive momentum after relying on the $3 key support since early this month. The latest price growth has currently brought the market to $4, making the EOS price to correct 33% gain over the past 7 days and 8.45% gain under 24-hours of trading.

As we can see on the daily chart, the price is attempting to breakthrough from the descending channel pattern, which has been carving since June. Following yesterday bullish engulfing pattern, we can expect a price push to $4.5, $5 and $5.6 on the upside.

On the other hand, we may as well witness a price pull to $3.7, $3.2 and $3 support if the sellers manage to regain control of the market. A drive below the important support at $3 might lead to a serious bearish action in the market.

EOS is looking bullish on the RSI after bolstering at the 30 level since mid-July. The price is now significantly shooting at the 70 level. The Stochastic RSI is revealing a bullish momentum but appears weak at the overbought zone.

EOS Medium Term Trend Price Prediction: Bullish

The past few days of price increase has made EOS to reach $4 and at the same time testing the channel’s upper boundary. The token may drop if the price action keeps respecting the four weeks channel pattern. However, we can expect the $3.7, $3.5 and $3.2 to provide supports for the market.

Currently, the EOS market has slightly broken above the channel’s upper boundary yesterday. If the break becomes significant, we may see a decent rise to $4.3, $4.6 and $4.9 resistance. But now, the market is yet to give a clear sign for a breakout.

As we can see, the RSI is lying on the overbought region, showing a little bullish weakness, although the buyers may regroup back if the RSI 50 can hold. The Stochastic RSI has reached an overbought area after revealing an ongoing buying pressure in the market. EOS may see a little price drop before rising back.

EOS Short Term Trend Price Prediction: Bullish

EOS is caught in a bullish trend on the hourly chart, although a sell is signaled on the technical indicators. If the RSI indicator follows the September 7 bearish divergence signal, the price may still rise a bit to $4.2 and $4.4 resistance before it clearly plays out on the price chart – whereby retracing to the rising trend line (yellow).

However, the Stochastic RSI will continue to oscillate within its limits, although currently in the oversold area. In case of a sudden price drop, the closest support to watch out for is $3.8 level. A drive below the yellow line may cause the price to slump heavily to $3.6, $3.4 and $3.2 on the downside. For now, the bulls are gaining control of the EOS market.

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EOS gambling dApp’s loophole exploited; attacker walks away with 30,000 EOS

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The parent blockchain of EOS token, EOSIO became a casualty of an attack, after a gambling dApp was exploited by an attacker, accumulating 30,000 EOS (approximately amounting to 111,000 $) in the process.

The intruder reportedly took advantage of a loophole in the dApp EOSplay, permitting him to win consecutive rolls by filling the blocks with paid transactions.

Twitter user @rektkid, was one of the first to notice the intrusion. He took to the social media platform to explain that the attacker had taken the help of REX, an ESO resource exchange for RAM and CPU outlets, which led to consistent fill-up of blocks with transactions, allowing him to create a continuous win situation on the gambling app. After over 30,000 EOS was transferred to the attacker’s wallet, the blockchain’s network froze.

Source: Twitter

However, the attack may have effected the network more than it was expected.

Another twitter user Dexaran, provided more insight into the attack and claimed that all his contracts on the EOS mainnet had stopped due to high network congestion. He added that his 20 staked EOS CPU gave him a feeble network signal of 6 ms instead of the 2800 ms in normal state.

He contemplated the intruder’s plan of action and addressed how the attack occurred. An update on the network was released by Dexaran. He said,

“Attack stopped, network is back in a normal mode.

>30K EOS stolen because of the vulnerability of DApp design.

Not $EOS flaw. Just a smart-contract that was hacked. To smart-contract devs: 1. Follow best security practices. 2. Do not rely on on-chain source of entropy in EOS.”

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