EOS price analysis: EOS/USD range-bound; EOS network breaks 3,000 TPS record but target is on 50,000

EOS/USD 1 Hour Chart

SUPPORT AND RESISTANCE
EOS is currently trading between the moving averages support and resistance. The 50 SMA is offering immediate support at $8.06 while the longer term 100 SMA is limiting upside movement at $8.25 (below the intraday high of $8.43). The price is hanging on the edge of a cliff, trading at $8.09 at the time of writing.

EOS/USD is range-bound with the upper limit at $8.40 while the lower limit is at $7.60. The trend indicators are sending mixed messages, for example, the MACD is advancing towards the negative regions to show that sellers are seeking entry while the gap between the 50 SMA and the 100 SMA is decreasing signalling that buying pressure is still present.

On the upside, immediate upper supply zone is at $8.30 and trading above this level will pave the way for further upside correction towards the next resistance targets at $8.6 and $9.0 respectively. On the flipside, if the 50 SMA fails, the 50% Fib level between highs of $9.13 and lows of $6.77 will stop declines below $8.0.

EOS is the fifth cryptocurrency with a market capitalization of $7.2 billion. The newly-launched EOSIO has been said to be one of the most technologically advanced protocols in the industry. It has broken the 3,000 transactions per second (TPS) record, but it doesn’t stop here. The next target is on 50,000 TPS as envisioned by Mike Novogratz, a hedge fund manager. Development on the EOS blockchain is starting to take shape led by EOSfinex decentralized exchange by Bitfinex exchange. Furthermore, at least 1,200 tokens have been registered on the network.
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