Technical

EOS Price Watch: Watch Out for Its MainNet Launch

Sarah Jenn | May 28, 2018 | 5:12 am
technical analysis altcoins
Technical

EOS Price Watch: Watch Out for Its MainNet Launch

Sarah Jenn | May 28, 2018 | 5:12 am

EOS Price Key Highlights

  • EOS will also have its MainNet launch on June 1 to make it independent of the Ethereum network.
  • Price is trading in a descending channel on the 4-hour chart and a pullback to the top seems due.
  • Strong bullish momentum could spur a break past the area of interest and retracement levels.

EOS could see a reversal from its downtrend if the MainNet launch goes well, although there are key resistance areas nearby.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on the 4-hour time frame to signal that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse. Price is also currently testing the 100 SMA dynamic inflection point, and the gap between the moving averages is widening to reflect sustained bearish momentum.

RSI has yet to make it to the oversold level so there may be some bullish pressure left. If so, EOS could pull up higher to the 38.2% to 50% levels near the top of the channel and the former support zone. A larger correction could last until the 61.8% Fib closer to the 200 SMA dynamic resistance and 16.000 handle.

Stochastic already seems to be heading lower to signal that bears have taken the upper hand, possibly sending EOS to the swing low or the bottom of the channel closer to the 10.000 major psychological level.

EOS Chart from TradingView

Market Factors

EOS has its MainNet launch scheduled for June 1 that would eliminate its dependence on the Ethereum network. Exchanges have already started their coin swap procedures such as Binance, Bitfinex, and Bitthum.

KuCoin as officially announced that the team has completed the swap registration of the EOS MainNet Wallet and will also perform an automatic asset transfer for users, with guaranteed security deposit.

Apart from that, EOS will have four airdrops scheduled next month so it’s understandable why investors could keep positioning ahead of these.

Tags: , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!