A hacker exploited a bug in the EOS gambling game EOSPlay to steal over $110,000 in cryptocurrency. The hack did not freeze the network, but it caused an overload due to which “there was just no extra bandwidth available for free use,” according to John Todorov, a senior trader at dagx.live. However, this event did not affect the price as the cryptocurrency was the second-best performer of the past seven days. The upcoming hard fork on, the largest upgrade to the network since it was launched, has kept sentiment bullish, but what do the technicals project.
The bulls are attempting to push the EOS/USD pair above the descending channel. A breakout and close above the channel will indicate a possible change in trend. However, above the channel, the pair is likely to face stiff resistance at both moving averages and above it at $4.8719.
Once the price ascends $4.8719, it will signal the start of a new uptrend that can result in a move back to $8.6503. The traders can initiate long positions as we recommended in the previous analysis. If the bulls fail to scale $4.8719, the cryptocurrency might remain range-bound for a few more days. Todorov’s bullish assumption will be negated if the price turns down from any of the overhead resistance levels and plummets below $3.1534. Below this level, a drop to $2.20 and below it to $1.55 is possible