EOS Price Analysis: Bearish Pullback Underway, Mainnet Launch Due

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EOS has formed lower highs and lower lows, trading inside a descending channel on its 1-hour chart. Price just bounced off the bottom and looks ready for a test of the top, which lines up with the 38.2% Fibonacci level at 13.58 and the area of interest.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. However, the gap between the moving averages has narrowed to signal a potential upward crossover, and EOS has also broken above these dynamic resistance levels to reflect bullish momentum.

RSI is on the move up to show that buyers have the upper hand. Similarly, stochastic is heading north so EOS price could follow suit. However, both oscillators are nearing overbought levels to signal exhaustion among bulls and a potential return in selling pressure at some point. If so, EOS could find its way back to the swing low at 10.30 or the channel support.

EOS has a catalyst coming up in June, though, so there’s still a chance for a break higher. In particular, the Mainnet launch is scheduled next month, which means that:

“EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC. At this point the EOS Token distribution process will be complete and any person who wishes to launch an EOS Platform adopting the EOS.IO Software will be able to generate a JSON file mapping EOS public keys to the fixed balances of the EOS Tokens from the state of the Ethereum blockchain.”

KuCoin has 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.

The post EOS Price Analysis: Bearish Pullback Underway, Mainnet Launch Due appeared first on Ethereum World News.

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