EOS price analysis: EOS/USD wipes off all June gains to test key support at $11.00, EOS mainnet finally goes live

  • EOS raised at least $4 billion in the 12 months long ICO.
  • EOS/USD brushed shoulders with the key support at $11.00 before bouncing back up, but the intraday high cap is below $12.00.

EOS mainnet has been the topic in the mainstream media for a while now. Both the bad and the good have been shared about the most anticipated project in the cryptocurrency industry. EOS raised at least $4 billion in the 12 months long ICO. EOS mainnet is a complete makeover for the digital currency, however, there was a voting session to pick the exact date for the launch and put a stop to the delays. After a series of voting sessions to one, pick the representative of EOS block producers and two, to pick a date for the launch, the launch finally took place on June 9.

EOS price, on the other hand, declined during the launching period rejecting the support area $14.00 (23.6% Fibo). Bitcoin price also tanked a whopping 10% on Sunday 10 carrying most of the cryptos with it. The support at the 61.8% Fibonacci retracement level with the last high leg at $15.1 and a low of $10.8 failed to hold the price. EOS/USD brushed shoulders with the key support at $11.00 but the bulls at this position stood their ground.

Currently, EOS is trading at $11.26 while the intraday high has been locked below $12.00. On the upside, the region at $12.5 (61.8% Fibo) is a possible breakout point. Trading above this level could pave the way for EOS/USD to recoil towards the key resistance zone at $14.5 – $15.00. Significantly, the long-term resistance still rests at $18.00 towards the all-time high of $22.6. On the flipside, the short-term support is at $11.00, but $10.50 will play a vital role in stopping declines below $10.00.

EOS/USD 1-hour chart


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