- EOS mainnet requires at least 15% of the total number of the holder of EOS tokens to stake their coins in order to vote for the 21 “block producers.”
- The stochastic momentum indicator has slumped into the overbought regions, besides EOS/USD is also approaching the demand zone at $10.00 – $9.80.
EOS price has engaged reverse gear after breaking slightly above the 61.8% Fib retracement level with the last swing high of $11.52 and a low of $9.13. The crypto formed a double top pattern at $10.73 allowing the sellers to enter. The short-term support at $10.40 gave in to the bear pressure, moreover, several other support lines could not stop the declines. For instance, the 50 SMA, the bullish trendline, and the 50% Fib retracement level.
EOS mainnet requires at least 15% of the total number of the holder of EOS tokens to stake their coins in order to vote for the 21 “block producers.” The voting process has proved to be the biggest hindrance to the entire process. At the moment, only 10% of token holders have placed their votes. There are issues like exposing if private keys are leading to the low pace. Some holders fear to expose their private keys plus some could still be waiting for the whales in the network to stake their tokens.
In the meantime, EOS is seeking support above $10.00, although it is exchanging hands at $10.15. The price is also approaching the demand zone at $10.00 – $9.80. However, before that, the 100 SMA will offer support marginally above $10.00. The stochastic momentum indicator has slumped into the overbought regions and shows that continued selling pressure is expected in the short-term.
EOS Technical Analysis: AUGUST 20, 2018
EOS Technical Analysis
From the News
- Huobi Global resumes EOS withdrawal after earlier suspension citing insufficient CPU resources.
— Huobi Global (@HuobiGlobal) August 19, 2018
Two days after the conclusion of that three-bar reversal pattern we mentioned in our last EOS trade plan, upsides are unexpectedly limited.
Notice that EOS prices are still consolidating inside Aug 17 bullish engulfing high low but are likely to edge higher this week providing opportunities for short traders to load up positions at $7, our immediate resistance line and previous break out level.
Remember, despite these higher highs, bears are overwhelmingly in charge considering the last two or three months trend.
Crypto News Flash: Bitcoin (BTC), Ethereum (ETH), Ripple and XRP, VeChain (VET), Cardano (ADA), IOTA
From Bitcoin’s expansion in North America to a new crypto conference on Capitol Hill, here’s a look at some of the stories happening in the world of crypto.
Bitcoin (BTC) and Ethereum (ETH)
Square’s Cash App now supports Bitcoin in all 50 states across the US, which means all 33.5 million users can now use the platform to buy and sell BTC.
Meanwhile, a new partnership is bringing more than a million people to a zero-fee trading platform for Bitcoin and Ethereum. The new pact brings BRD’s 1.2 million customers to Canada’s crypto trading platform Coinberry.
— Coinberry (@coinberryio) August 15, 2018
Ripple and XRP
Republican Congressman Warren Davidson has invited Ripple and 32 leaders in the crypto space to talk about ICO regulations. The list of invites includes NASDAQ, Kraken, CME Group, Circle and Intercontinental Exchange (ICE), which is forming Bakkt, a new crypto trading platform.
The meeting is scheduled to happen on Capitol Hill on September 25th.
Cardano has released its latest weekly. Th report highlights progress on the platform’s IELE testnet and Daedalus wallet. The company has also listed new job openings.
The latest Cardano Weekly Technical report by IOHK is out! You can have a look here: https://t.co/1t8Cadr8Yq
— Cardano Foundation (@CardanoStiftung) August 17, 2018
IOTA’s lead developer has dropped a new update on IOTA’s Trinity wallet, announcing that the desktop release is on the horizon.
VeChain CEO Sunny Lu is gearing up for a Q&A. The YouTube link is already live, with the session scheduled for 6:00 a.m. PST Monday.
EOS price analysis: Trapped in a triangle; some time before a breakout
- EOS stuck in a triangle on the medium term chart.
- Retraces from upper end.
EOS is stuck in a triangle that is slopinhg on the downside and the price has started retracing from upper end of the triangle on the medium term chart, although it is still some time before the breakout of this traingle occurs.
EOS/USD is up nearly 3 percent at $5.07 just around high point of the day. On the 480-minute chart, this crypto has got itself stuck in a downward sloping channel and the price is retracing from the upper end of the triangle.
Next move is on the downside where the lower end of the triangle will come at the rescue and then comes probably a breakout point – most likely on the upside.
EOS/USD 480-minute chart: