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Altcoins Daily Preview: NEO and EOS Rise, Cryptopia’s Security Lapse

Latest EOS News

While there are numerous opportunities to profit, we cannot really hide our heads in the sands. Blockchain and web 3.0 is proving to be a breeding ground for hackers and scammers. And it’s not hard not to see where all this is stemming from. If there are no intervention, centralized exchanges will always be honey pot for hackers on the lookout searching for “prey”. A lapse and the resulting hack can be devastating.

Read: News Flash: Cryptopia Exchange Hacked, Investigations by New Zealand Authorities Ongoing

However, it seems like some small exchanges are not drawing lessons from multi-million losses of Coincheck, Coinone and others pinned down not only by regulators but from customers demanding reimbursement of funds.

It’s unfortunate but Cryptopia is the latest “prey” and reports indicate that as much as $2.5 million worth of ETH might have been siphoned off. That is substantial and it could explain why the exchange is offline.

According to an official statement, hackers struck on Jan 14 but the team intercepted them. To prevent further damage, they took the platform offline. Thereafter Cryptopia notified authorities. However, this was not before 19,390.663 ETHs were moved off the exchange to an unknown wallet.

But even with this hack, some are unsympathetic insisting that they had listed so many shit coins, staff were distracted from dealing with what really matters.

EOS Price Analysis

EOS

Like the rest, EOS performance is impressive. It’s up 6.4 percent against the USD at the time of press. From candlestick arrangement, it is likely that EOS will rally and even break above the $3.2 and $4 barrier.

Also Read: Bittrex Has Launched a Cryptocurrency Over-the-Counter (OTC) Trading Desk

Still, before any of that happens, we shall maintain a bearish outlook only changing our short to medium term preview subject to EOS bulls building enough momentum and driving prices first above $3. As laid out in previous EOS price analysis, the race to $4—our first conservative target depends on the strength of bull break out above $3.

At the moment though, aggressive traders can buy at spot with stops at Jan 14 lows of $2.2 with first targets at $3. Meanwhile, conservative traders ought to initiate longs once there are gains above $3.2 or Dec 2018 accumulation with targets at $4.

Our short-term EOS/USD trade plan will be as follows:

Buy: Spot, $3

Stops: $2.2, $3

Target: $4

NEO Price Analysis

NEO

At 17th, NEO’s performance is average. It is up 5.4 percent in the last day and far from what it registered in the first week of January.

Regardless, the path of least resistance is Northwards and with favorable candlestick arrangement from a top down approach, bulls stand a chance to retest $15. However, this is dependent on the trajectory taken in the next few days as we note that NEO, like most altcoins, is stuck within a bear breakout pattern despite yesterday’s gains.

If anything, we need high-volume gains above $10. Afterwards, the first target will be $15.

Trading the NEO/USD pair will be as follows:

Buy: $10

Stop: $8.5

Target: $15

All Charts courtesy of Trading View—BitFinex

This is not Investment Advice. Do your Research.

Dalmas Ngetich
About author

Loving Crypto, Open to Technology, Engineer, Trader
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