EOS price analysis: EOS/USD down 10% on daily basis, mainnet activation stalled

  • EOS drops to the lowest level since the end of April
  • EOS mainnet is not live yet.

EOS/USD is changing hands at $10.20, down nearly 10% since this time yesterday. The coin was one of the worst performers on Tuesday, losing over $1B of its value. Meanwhile, trading volumes reduced to $1B from $2.4B on June 10.

The EOS mainnet was launched on June 10, but the activation process stalled. The platform cannot be activated unless 150 million EOS tokens or 15%of the total supply vote for network block producers. Currently. fewer than one third of the required tokens have been staked by the owners.

EOS technical picture

Looking technically, EOS/USD broke below 100-DMA currently at $10.72, the next support is created by 200-DMA at $9.74. Once this level is broken, $9.00 will come into focus, followed by $8.03 (78.6% Fibo). On the upside, the recovery is capped by 61.8% Fibo retracement at $11.22. A sustainable movement higher is needed to trigger more meaningful recovery with the first aim at $13.46 (50% Fibo) and $14.51 (50-DMA).

EOS/USD, the daily chart

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