EOS price analysis: EOS/USD signals a bullish reversal ahead of mainnet launch; EOS announces $4 billion from the long-running ICO

EOS has been trading lower highs since the beginning of this month. The crypto has tested the key support at $10.00 but the bulls have managed to prevent further declines. EOS/USD is hanging on to the weak support at $12.00, besides the 100 SMA is offering immediate resistance slightly above this level.

EOS mainnet is launching on June 2, significantly, the bugs discovered by the 360 research firm have since been dealt with. Block.one is ready for the launch of the blockchain that will also mark the end of the longest running crowdsale. EOS has raised $4 billion after selling 900 million ERC20 tokens in a period of one year. EOS, however, is facing a big challenge where only 47% of the ERC20 EOS tokens have been registered for the migration. This has not met the threshold EOS had planned for the migration, but worry not, the token swap is still going to happen.

In the meantime, EOS is still locked in the descending channel initiated earlier in the month. The 50 SMA is a major hurdle towards the next resistance zone at $13.00. The upper descending trendline positions the next upside target at $14.00. A closer look at the chart shows that $11.00 will work as another support area. More importantly, the major support rests at $10.00, although in case of dip passed this level EOS/USD could come into contact with $9.00.

EOS/USD 1-hour chart