EOS price analysis: EOS/USD potential pullback in motion; MacAfee believes top ten cryptocurrencies will lead the looming Bull Run

EOS has maintained trading below the descending trendline besides it has broken below the key support at $11.00 and is now testing another vital support area at $10.00. The bulls are putting their best foot forward with the little energy they have left, meaning that an upside breakout could follow ahead of the mainnet launch in early June. Most assets have sustained downside corrections in the past one week.

John MacAfee is very bullish centric when it comes to his predictions. He is almost always positive in every scenario in the market. The latest tweet from him suggests that the current declines will reverse into a Bull Run led by the top ten cryptocurrencies and other assets will follow suit. His tweet reads:

“Institutional investors are preparing to enter the cryptocurrency market with a vengeance. They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of altcoins will soon follow.”

MacAfee has, however, not provided any evidence backing the above claims. Though, it is true that institutional investors have been paying a lot of attention to digital assets lately. Goldman Sachs announced that it is preparing to launch a Bitcoin trading unit while Coinbase started 4 products that target institutional buyers.

The sellers, on the other hand, are threatening to push EOS below $10.00. However, the Fib retracements put the target on the upside at $14.00 marked by the 61.8% Fibo. The moving averages on the 15’ chart are closing to signal that the buyers have some power to force a reverse. The RSI had recovered from the oversold levels but is pointing downwards towards the red region to show that the sellers are not ready to let go. EOS price support rests at $10.00 but a dip below this level could be stopped before it hits $9.00.