EOS Price & Technical Analysis: Crypto Struggles to Rise but Put Under Pressure

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by Dmitriy Gurkovskiy · 2 min read
EOS Price & Technical Analysis: Crypto Struggles to Rise but Put Under Pressure
Photo: Roboforex

Here’s the technical analysis of EOS’s (EOS) current price and its feasible scenarios, conducted by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

While we are heading into the end of this trading week EOS is less volatile trading at $10.47 on Thursday, June 21, 2018 going slightly down.

Looks like it’s not the best time for buying EOS right away, and the bearish trend is quite possible in case the digital coin breaks out below $9.08, which may then push the price even lower towards $8.0000, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

However, another scenario, which is also quite possible, assumes the crypto going above the intermediate resistance at 10.50 and $10.55. If this is the case, the further trend will depend on the overall sentiment and the fundamentals. EOS still has chances to go back to $12.0000, but the news keeps the coin under pressure.

Fundamentally, what is important for EOS is news on suspending seven accounts which are suspected to keep stolen funds. People are already discussing that EOS broke its own privacy policy by interfering into the client accounts.

The accounts were frozen after suspicious activity had been detected on them, which could mean there were some illegal funds there. Such decisions are usually made only through a court proceeding, and, in this particular case, ECAF did not approve of freezing the accounts, as no such authorization was available to it. EOS then decided to suspend the accounts at their own discretion after collecting some evidence.

This provoked talks about EOS not being able to provide ‘free crypto market’ to its clients by taking such decisions. Such talks are far from groundless, as decentralization is still a key factor that attracts new users to cryptos, and without such decentralization there will be much fewer users joining the system.

Another thing, which might have affected EOS’ price is an unexpected bug, which made EOS mainnet, launched on June 14th after vote threshold was met, pause its operations. Despite the chain was resumed in a matter of 5 hours, this situation has undermined confidence among users.

Meanwhile, the crypto is still trading between its support at $9.08 and the resistance at $10.85. The Moving average convergence divergence (MACD) is negative on D1, going down and issuing a sell signal, while the Stochastic is in the positive and moving along the signal line, unable to give any signal at all.

Disclaimer: Any forecasts contained herein are based on the authors' particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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Dmitriy Gurkovskiy
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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