EOS Price Analysis: The EOS/USD Pair is Locked In A Contracting Triangle 

The cryptoverse is anticipating the impending EOS Mainnet which is said to change the coin forever.

The EOS price capped on the upside at $13.00 and will offer more resistance at $14.00. Even if it made serious effort to cross $13.00, it could not break the contracting triangle limiting its movement which led to another dip towards $12.00. There was an initial upside movement at $14.00. However, it was short lived and went down due to selling pressure moving EOS to $12.41.

Recently, EOS traded upside and was able to create an all time high of $22.89. However, it wasn’t able to hold that price of long. The coin is currently trading in lower lows even if the trading volume is as high as ever.

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The Mainnet Launch Might Change Every Thing

The mainnet launch scheduled for June 2nd has drawn up a lot of dust in the cryptoverse. Mati Greenspan, a market analyst at eToro had something to say about the launch.

In his words:

“Cryptocurrency enthusiasts from every part of the world are eagerly waiting for the launch of the EOS mainnet. I believe this is going to be an exceptional groundbreaking event. It will affect the industry in ways that have never been seen. Investors are preparing and gathering as many coins as they can as they await the launch of the mainnet.

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The price of EOS has taken a downward trend and this was evident at press time. However, the hourly moving averages show that the buyers seek to reenter the market soon. The EOS to USD pair is facing a resistance at $12.5. However, the 100 simple living average (13.00) is a barrier to the price of EOS as it tries to step upwards. There is immediate support at $12.00 and a major support at $11.5.

The next few sessions of trading are crucial to the price of EOS.

 

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