EOS price analysis: EOS/USD locked within the extended falling wedge pattern; lacks fresh catalyst to revisit higher levels
- EOS is launching its mainnet in June, but the EOSIO Dawn 4.0 is out.
- EOS price is consolidating around $17.00, immediate support is at $16.00.
EOS price attempts to break out of the falling wedge pattern have been thwarted several times. At the moment, EOS/USD is trading within the moving averages support and resistance. The 100 SMA is offering resistance to the upside slightly above $18.00 while the 50 SMA is proving immediate supported to the downside.
EOS is expecting the launch of its mainnet this coming month. The project has already received positive feedback from the industries top players with some exchanges already announcing support. The network released the cleaned up EOSIO Dawn 4.0 earlier this month for testing on GitHub. The EOSIO Dawn 3.0 caught the attention of many developers raising EOSIO to the top ten most active projects on GitHub.
The buyers are seeking a breakout to attack $20.00 and revisit the new all-time high above $21.00 level. The major hurdle is at $19.00, a break above this level could pave the way for higher correction. EOS, has, however, consolidated around the $17.00 area, similarly, major movements have been restricted. The lower side of the falling wedge pattern will continue to support the price above $16.00, however, in the event of extended declines, $15.00 level will offer support as well.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
