The EOS community is trying to bridge the gap between the West and the East. Language barriers, cultural differences and use of different platforms for conversing with each other were causing issues to the Chinese users. The EOS Mandarin Arbitration Community (EMAC), created to help the Mandarin-speaking users, is believed to be able to bring the two continents together. In the medium-term time frame, the EOS/USDpair has largely been range bound between $18.67-$3.8723. Both the top and the bottom of the range have been tested twice. Though the bulls broke out of the range in end-April, they could not sustain the highs and prices crashed back into the range.
EOS is also having a bad day with a dump of over 11% to $5.15 according to coinmarketcap.com. Over the weekend EOS reached $6.20 but those gains are now distant memories. Since its all-time high of almost $22 back in April EOS has crashed 76% to its current levels along with most of the other altcoins. Market cap for the fifth most popular crypto is down to $4.67 billion . After clinging to the resistance line of the symmetrical triangle for three days, EOS tumbled on Oct. 11, breaking below both moving averages and the trendline of the triangle.
On the downside, the bulls have been defending the bottom of the range but have failed to rally higher. The digital currency has been trading close to the bottom of the range for the past two months. A breakdown can start a new downtrend that can result in a sharp fall and may be it will down more and On the upside, a breakout of $6.8299 will signal the start of a new upswing. The first target is $9.1668. If the bulls scale $10 levels, a rally will go to $15 is possible.