EOS Price Analysis - June 8

  • Both the medium and short-term outlooks are ranging.
  • Patience is recommended as it will prevent losses due to wrong positioning. Consider waiting for a breakout or a breakdown.

Eos, EOSUSD, Cryptocompare chart

EOSUSD Medium-term Trend: Ranging

Supply zones: $16.00, $17.00, $18.00

Demand zones: $11.00, $10.00, $0.9000

Eos continues ranging in the medium-term outlook. The asset broke out of yesterday's upper supply range at $14.04 due to an increased bullish momentum. The price got to $14.79 and a resistance for a further upward price move was seen in this area, paving the way for the bears' return. The bears pushed the price low to the demand area at $13.58. The stochastic oscillator is at 30% and its signal is pointing down. This suggests a downward momentum, thus the bears could take the price further down. Eos is trading within the upper supply area at $14.79 and the lower demand area at $13.00. Patience is recommended while the cryptocurrency is in the range.

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chart

The cryptocurrency continues to range in the medium-term outlook. The movement from the demand area at $13.55 to the supply area at $14.50 was overpowered by the bears as they pushed the price back to $13.10 in the demand area. The fight for market control continues. Traders should be patient and wait for a breakout or a breakdown before taking a position.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.