FxWirePro: A look at growing EOS ecosystem; EOS/USD seen recovering

EOS.IO is a blockchain technology, like Ethereum, designed to enable vertical and horizontal scaling of decentralized applications (dApps). EOS is the fifth most popular crypto with a market cap of $3.26 billion.

EOS Dapps:

EOS gambling dApps usually attract the most attention. According to Dappradar.com, both EOS and Tron dominate the top ten dApps by user volume.

EOS has launched two new dApps – Big.Game and Ready Player One:

1. Big.Game is a transparent and provably fair Casino games platform based on EOS.
2. Ready Player One is a monopoly-type dApp with a variety of beautifully played games

Technical Analysis:

EOS has jumped sharply more than 30% in the past two trading days following the footsteps of Ethereum which rose more than 12% yesterday. The pair hit a high of $3.888 and is currently trading around $3.6227. Daily volume of EOS has surged from $950 million to over $2.2 billion.

EOSUSD has formed a temporary bottom around $1.55 and has recovered more than 150%. The near term resistance is around $4.00 and any violation above targets $4.17 (200-day MA). Any daily close above $4.17 will take the pair to the next level till $4.74 (300- day EMA)/$5.79.

The near term support is around $3.34 (23.6% fib) and any break below targets $3/$2.72-82 (55- day EMA and 100- day MA). Minor trend reversal could be seen only below $2, while bearish continuation would be only below $1.55.

Recommendation: Good to invest for the long term for the target price of $5.79/$6.82.