According to the price analysis of Tanya Abrosimova from FXStreet, EOS, one of the largest cryptocurrencies in the market that, is set for a correction rally. The price correction has been ongoing for some days now but may have been capped by sellers at $9.00. Irrespective of the downside price correction rally the cryptocurrency experienced after reaching highs of $9.30 in Asia, it is still gaining 11% or more on a daily basis.
EOS Price Analysis as Cryptocurrency Market Recovers
The boost in price isn’t limited to EOS alone. The entire cryptocurrency market has been experiencing a commendable rise in price. This general positive sentiment in the market is part of the reason why EOS recorded significant gains. EOS is currently overbought trading with a market value of $7.8 billion. The trading volumes is around $970 million and the price is around $8.83 with significant bullish sentiment.
EOS Price Today – EOS / USD
From the intraday picture, the market still has a bullish sentiment. It is above the 50 and 100 SMA. The 100 SMA is at $7.6 and the 50 SMA is at $8.2. Unfortunately, the recovery is capped at $9.00 short term. The next resistance after $9.00 will be $9.3. If the price of EOS breaks this point, there might be an upside extension all the way to $9.88 and even $10.00.
Block.One Prepares for Hackathon
While EOS gets a boost in price, it’s launcher, Block.One is preparing for a hackathon. The hackathon is scheduled for August 4-5 and it will take place in Sydney. This hackathon will be the second in a series of global blockchain hackathons. In these hackathons, team developers on the EOSIO platform will battle for the ultimate price which is currently $500,000.
Block.One’s Rob Jesudason said:
“We at Block.One see Sydney, and Australia as a whole, as a crucial market for the blockchain industry. We are happy to bring our EOS global hackathon to Sydney. We look forward to working with exceptional developers.”