EOS price analysis: EOS/USD bullish above $8.00, but upside limited by the 100 SMA; EOS to take part in the Japan Blockchain Conference 2018 Tokyo

EOS price after trading a subtle double pattern has corrected lower sliding below the short-term support formed at $8.40. EOS/USD has also broken below the ascending trendline, however, it is still keeping the support above $8.00. The Bulls have the control but lack enough momentum to retrace the price higher. There are a couple of resistance areas created by the moving averages: The 50 SMA is limiting gains at $8.2 while the 100 SMA is offering resistance slightly above at $8.5.

The next target to the upside is at $8.4 while the key resistance at $8.5 is a significant hurdle which could open the gate for EOS price to retrace steps back above $9.00. The moving average gap is reducing to confirm the bullish trend in the medium term. However, the stochastic on the 15’ timeframe chart is pointing south and is at 35% to show that selling pressure is still present. The traders must exercise patience to spot a strong bullish trend towards $8.4 while a break below $8.00 could have EOS price break down further below $7.8 and even test the recent lows at $7.00.

EOS will be taking part in the Japan Blockchain Conference being held in Tokyo on Tuesday 26. The Developers Relations team will help the people at the event understand the EOSIO software. This conference is the first of its kind and is expected to bring the cryptocurrency experts to talk about the blockchain technology and its future. Various blockchain companies and at least 100 experts will take part in the 2-day conference. The organizers of the event are expecting at least 10,000 people to be in attendance.

EOS/USD 15’ chart