EOS price trimming gains ahead of the much-awaited launch: Block producer vote still remains a puzzle
|- EOS requests that voters focus their attention 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 $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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