The EOS Mainnet pre-launch bull run has come to an end. EOS has stopped rising and is currently trading at $13.70. It will most likely go lower before the end of today’s trading session. The news has a serious role to play in the price of EOS. There is no positive news yet so EOS may continue to lose value.
EOS Fundamental Analysis
The glorious rise came to an end on Wednesday and Thursday in light of the upcoming corporate events. According to an Analyst from Roboforex, Dmitriy Gurkovskiy, the price of EOS will continue to fall. The resistance level is at $15.6560 and the support level is at $12.50. Today’s immediate support is $13.40 and if it breaks, the price may fall even more. However the MACD is slowly moving from negative to positive territory which is going to form a buy signal. The Stochastic is ready to issue a sell signal.
EOS may remain in the sideways channel before any significant driver appears in the market. There is hope that the whipsaw range will increase but it isn’t certain yet. On a fundamental level, EOS is facing challenges one of which is the delay of the EOS Mainnet launch.
The network launch was scheduled for June 2. Today is June 9 and there is still no news about it since it was moved to June 6. The company has now set a new 24-hours decline but will most likely not beat it. All the bugs must be fixed before the Mainnet can be launched successfully and the company is having issues fixing these bugs. The company announced that even if it had fixed all the errors, the network still wasn’t fully operational.
Hopefully, with the assistance from third party developers, the system may become fully operational soon and the price of EOS may start rising again. The good news will take the price of EOS as high as $15 and maybe higher. The sooner the company fixes the problem, the better.