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EOS Price Analysis: EOS/USD up 3.26% Ahead of MainNet Launch

EOS isn’t the only cryptocurrency talking about MainNet now as the price of its competitor Tron has dipped to trade at $0.061 on the day of its MainNet launch. EOS meanwhile is still trading above the $12 mark as it looks to test the $14 resistance.

The token is trading lock-step on Thursday, even though there have been no major movements in EOS price. EOS/USD is currently trading above the $12 mark but its upside has been set at $12.50. The EOS price dipped to the $12.20 mark earlier today but it was rejected and has now climbed up to trade at $12.34. The bulls have been able to find a support for the token at $11.80 to $11.60 zone.

EOS rival Tron has finally launched its MainNet beta version today and it has gone live for testing. The TRX token has now been officially removed from the Ethereum network and transferred to the Tron blockchain. The price of Tron, however, didn’t react positively to that as it slipped to trade at $0.060 per token. EOS is also set to launch its MainNet EOSIO software in two days time and it is still uncertain how the EOS price would react to the development. The EOS MainNet is one of the most anticipated events at the moment but the EOS price might react negatively, similar to what TRX did.

A look at its chart, however, shows that EOS is forming a bullish flag pattern, though it will only come to play if a break out to the upside is witnessed. If that happens, the EOS will have key resistance at $14 and $16. Its stochastic is in an upward direction, with it’s over 70 marks indicating that the bulls currently have the momentum to push for higher correction. However, its 50 SMA has crossed below the 200 SMA, thus indicating that the sellers are looking to enter in the near-term. On the downside, EOS has established a support at $12.20 but the stronger supports were established at $11.80 – $11.60 zone.

The upcoming MainNet and the above average stochastic means that the EOS price is currently bullish and will most likely surge higher over the next few hours.

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Mike Ben

Mike is a cryptocurrency enthusiasts and writer. The cryptocurrency world has become his primary interest, with movies and books, some of his favorite pastime activities. He's an investor in some blockchain projects; VeChain, Stellar Lumen, Gifto, Cardano, Bitcoin and Cindicator. Mike contributes guests posts to BlockPublisher & can be connected over Twitter or email editor.news@blockpublisher.com

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