EOS price trimming gains ahead of the much-awaited launch: Block producer vote still remains a puzzle

John Isige
FXStreet
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EOS requests that voters focus their attention on entities that are dedicated to the development of the platform.
EOS price is trading between moving averages support and resistance.
EOS has in the past couple of weeks shown that it is indeed possible for cryptocurrencies to go beyond their all-time highs traded in December 2017 and in January 2018. The crypto surged in price recording an increase of over 150% in value in April. EOS price is, however, trimming the gains although the launch much-anticipated launch is approaching fast.

A matter that is still a grey area for many is the block producer vote. It has not been made clear how the producers are going to contribute to the network. Will they hold large amounts of EOS tokens? Will they provide the hardware as well as the oversight in the verification of EOS distributed ledger? EOS has however advised the voters to avoid voting for cryptocurrency exchanges as well as the large mining pools. They have been requested to put their focus on organizations that are dedicated to the development of EOS.

Technically, EOS price is trading within a contracting triangle pending an upside breakout towards the next target at $18.00. The price is trading between the moving averages support and resistance with the 50 SMA offering resistance to the upside, while the 100 SMA providing support on the 240’ timeframe chart. An immediate support has been formed at $17.00. Failure to maintain above this level, EOS price will test the next support at $16.00 (100 SMA), besides, a major support is presented at $14.00.

EOS/USD 240’ chart



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RELATED TOPICS CryptoCurrencies EOS
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Yohay Elam - If it comes out at higher than expected with a deviation of +1.70 or higher, the pair may go down reaching a range of 48 pips in the first 15 minutes and 63 pips in the following 4 hours. Support levels are to be found approximately at 1.2260 and 1.2240accordingly to the Confluence Indicator.  Vestiges of demand can be seen around 1.2200 and below at 1.2170, based on aggregated trading positions from FXStreet's dedicated contributors.


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 | 08:27 GMT
Bitcoin (In USD): Heading along 9200
 Peter A Rosenstreich  Peter A Rosenstreich
Swissquote Bank SA
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BITCOIN (in USD)
Heading along 9200.

Bitcoin rise started in mid-April pauses, the pair is currently decreasing following recent rise at 9629, heading along the 9300 range. Bitcoin bearish pattern started in March 2018 weakens. The pair is contained between hourly support and resistance given at 6306 (13/11/2017 low) and 10232 (01/02/2018 high). The technical structure suggests short-term decrease.

In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7'000 - 12'000 in 2018. Bitcoin is trading slightly above its 200 DMA (8300 range).

Stay on top of the markets with Swissquote’s News & Analysis

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This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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