It’s Monday and EOS is on fire! Looking at Coinmarketcap’s top 10 cryptocurrencies we can see that it’s a boring day for all other cryptos. Most coins are still recovering from Sunday’s bull run and are trying to keep their support. EOS on the other hand, not only continued it’s bull run but just recently set another high. Let’s take a look at some EOS news that might have contributed to the recent price hike, and see if the charts tell us anything.
It didn’t take long to find the cause for the recent price hike. While Ethereum is preparing for its ETH 2.0 launch, EOS isn’t sleeping either. The EOS team is preparing for a new version update on September 23rd, which will further improve the EOS network. EOSnation team put out a live tracker you can use to see when the upgrade will happen exactly.
As eoswriter reported, the biggest deal about the new EOS upgrade is that it will allow dApps to pay users for their CPU power. That’s something that wasn’t possible before but is an amazing feature that is sure to bring more users to the EOS ecosystem.
EOS Price Analysis
Relative Strength Index: The RSI is currently at 78 points. This means the market is overbought and will be looking to retrace until its in range.
Bollinger Bands: EOS/USD is also outside the range. This is another signal that the price will be looking to retrace in the next few hours. It looks like EOS/USD is not even close to being out of steam, so in this case the band will have to catch up to the price.
Volume: The volume is currently great. It’s been picking up which means that another sharp move is not out of the question.
EOS Price Prediction
Unfortunately, my previous EOS price prediction was completely wrong. I predicted that EOS will respect the first double top and retrace to $3.5. I couldn’t be further from the truth, as EOS didn’t care at all about the double top and kept with its bull run. Not only did EOS dismiss one double top, but it actually did so twice.
This leads me to believe that we will see another double top and once again EOS will break through and attempt to test a new support level.
EOS Price Analysis and Prediction for September 16th 2019 – Can EOS HODL $4 Support?
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.
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
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.
EOS Price Analysis – Bulls are Taking Over the Market
|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
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.
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.”