EOS price analysis: EOS/USD trades double top pattern, downside movement expected; mainnet voting process gaining traction

EOS price has engaged reverse gear after breaking slightly above the 61.8% Fib retracement level with the last swing high of $11.52 and a low of $9.13. The crypto formed a double top pattern at $10.73 allowing the sellers to enter. The short-term support at $10.40 gave in to the bear pressure, moreover, several other support lines could not stop the declines. For instance, the 50 SMA, the bullish trendline, and the 50% Fib retracement level.

EOS mainnet requires at least 15% of the total number of the holder of EOS tokens to stake their coins in order to vote for the 21 “block producers.” The voting process has proved to be the biggest hindrance to the entire process. At the moment, only 10% of token holders have placed their votes. There are issues like exposing if private keys are leading to the low pace. Some holders fear to expose their private keys plus some could still be waiting for the whales in the network to stake their tokens.

In the meantime, EOS is seeking support above $10.00, although it is exchanging hands at $10.15. The price is also approaching the demand zone at $10.00 - $9.80. However, before that, the 100 SMA will offer support marginally above $10.00. The stochastic momentum indicator has slumped into the overbought regions and shows that continued selling pressure is expected in the short-term.

EOS/USD 15' chart