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Crypto Whales Move over $85 Million in EOS to Unknown Wallets

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The reasons behind the transactions remain unknown, and it still remains to be seen whether or not it will affect EOS’ price in any significant way.

According to the new data, there has been a lot of activity within the EOS market recently, with crypto whales moving around 22,999,990 EOS coins (approximately $85,108,534) in the last several hours.

The amount moved was split into two large transactions. First transaction carried 19,999,990 EOS ($74,028,996) from crypto exchange Huobi to an unknown wallet. Only minutes later, a second transaction took place, sending 3,000,000 EOS ($11,079,538) from this unknown crypto wallet to another one.

The reasons behind the transactions remain unknown, and it remains to be seen whether or not it will affect EOS’ price in any significant way. In the last seven days, the EOS price has been on a slow but relatively steady rise, after managing to break a healthy resistance level at $3.40. Notably, the resistance was broken by a sharp growth last Saturday, September 7th.

Crypto Whale Moves over $85 Million in EOS to Unknown Wallets 1
Source: CoinMarketCap | The steady rise of EOS over the last seven days.

The growth led EOS’ price to $3,60, which was also broken only hours later as EOS reached the height of $3.90 yesterday, on Tuesday, September 10th, which is when its price started to drop. The drop has continued in the last 24 hours as well, although, in the previous hour or so, EOS price saw small growth, which took it from $3.70 to $3.75.

Is this another attempt at market manipulation?

Crypto whales are known for making such sudden moves that result in moving vast amounts of coins, and whenever they make one such move — they significantly impact the market behavior. This is why many believe that they are doing it on purpose, in an attempt to manipulate the market. If true, EOS might see significant price growth in hours to come, as many are likely to start buying the coin, since the whale responsible obviously isn’t looking to sell them.

On the other hand, the whale has broken down the amount and sent a decent-sized portion of 3 million EOS coins to a separate wallet, which might indicate future plans to start selling smaller amounts of EOS instead of shifting the market once more.

The whales’ behavior is often a mystery, and many will, undoubtedly, keep an eye on these particular wallets in days to come, trying to deduce what is it that the whale might be planning.

As for EOS itself, the coin’s performance in 2019 has been quite positive until early June.

Crypto Whale Moves over $85 Million in EOS to Unknown Wallets 2
Source: CoinMarketCap.com

The coin managed to go from $2.45 at the beginning of the year to $8.20 on June 1st. This was its peak in 2019, and after that, its performance was marked by a series of drops which have led it back down.

While the cryptocurrency still sits well above $3, it might only be a matter of time before the price returns to its January value. Perhaps the whale reacted to prevent that. Of course, it is equally as possible that their action had nothing to do with an attempt to manipulate EOS’ price, although many will probably doubt that.

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EOS

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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