EOS price analysis: EOS/USD tanks a whopping 21.1% in July; Block.One hires Citigroup’s James Mendes

EOS is trading a multi-month falling wedge pattern which has been limiting the gains since the beginning of the month of May. It is essential to remember that EOS curved a recovery trend in April where it smashed past resistance barriers and a new all-time high at $22.5. EOS/USD has however, been locked below the descending trendline of the falling wedge pattern as observed on the 4-hour timeframe chart.

The price had also been range-bound for over a couple of weeks. The ranging channel has an upper limit at $9.35 while the lower limit rests at $7.0. However, the ongoing selloff has broken below this range and is now testing the lows traded in April this year. EOS/USD is exchanging hands at $6.67 at the time of writing. EOS must battle for a support above $6.5 - $6.0, while a trend reversal will be indeed the saving grace for Bulls. On the flipside, a retracement will encounter strong resistance at $7.0, while the zone at $8.0 is the critical breakout zone (in the long-term).

In other news related to EOS, Block.One, the company that develops EOSIO software has expanded its team by hiring Citigroup’s James Mendes. He has been the Human Resource Director at Citigroup, but he is joining Bloke.One in the position of Chief of People Officer. Mendes is going to be based in Hong Kong. While commenting on why James Mendes, Rob Jesudason, Block.One President said:

“Attracting, developing and retaining the best people is critical to our continued success. James has a proven history of leading human capital businesses and extensive experience supporting financial services and technology companies to implement human resources solutions across the globe. We look forward to him joining the team,”

EOS/USD 4-hour chart