EOS Price Watch: On the Lookout for a Triangle Break

Sarah Jenn | May 31, 2018 | 4:13 am
technical analysis cardano

EOS Price Watch: On the Lookout for a Triangle Break

Sarah Jenn | May 31, 2018 | 4:13 am

EOS Price Key Highlights

  • EOS has formed lower highs and higher lows on its 1-hour chart to create a symmetrical triangle pattern.
  • Price is hovering around the resistance, still deciding whether to make a bounce or a break.
  • Technical indicators are giving mixed signals at the moment but the mainnet launch might trigger a breakout.

EOS is consolidating in a symmetrical triangle pattern, still waiting to see if the mainnet launch will push through.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that resistance would likely hold. However, the moving averages have also been oscillating to reflect consolidation conditions.

A break past the resistance at 12.500 could mean a rally of the same height as the chart pattern, which spans 10.500 to 14.000. Similarly a break below support around 11.500 could lead to a drop of the same height.

RSI is moving up to show that buyers still have some energy left to push for some gains. Stochastic is also pointing up so EOS price could follow suit.

EOSUSD Chart from TradingView

Market Factors

EOS is due to launch the mainnet in a few days but is being weighed down by so-called protocol bugs. Developers have denied that these are causes for delay, though, citing in a tweet that:

Media has incorrectly reported a potential delay in the release of EOSIO V1 due to software vulnerabilities. Our team has already fixed most and is hard at work with the remaining ones. EOSIO V1 is on schedule; please stay tuned to our EOSIO channels for official information.

As it turned out, a Chinese cybersecurity firm identified a bug that would have allowed an attacker to gain control of the network’s nodes by uploading a malicious smart contract to the EOS network. EOS developers acknowledged that “epic vulnerabilities” in the blockchain project’s source code will not prevent them from shipping the software on time.

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