EOS price analysis: EOS/USD unstoppable bleeding slides below $10; EOS mainnet still in limbo despite June 10 launch

EOS price downside corrections still managed surprise moves on the investors. The crypto has descended below $10.00, although it has formed a short-term support at $9.6. The community, on the other hand, is waiting for the mainnet which was launched on June 10 but is yet to go live.

The delay has been brought about by the requirement to meet the 15% tokens threshold that is supposed to be achieved. To be precise, 150 million tokens are needed, however, the current status is that there are about 66.115 million tokens staked for voting. These tokens represent 44% of the total EOS tokens besides they are only 6.611% of those tokens required for staking. Importantly, the tokens are trickling in because as per a report released on Tuesday 12, the total tokens were at 48.119 million. The slow staking of coins has been said to be caused by the process provided. Some users just find it complicated while others choose to stay away with reasons that they are avoiding exposing private keys.

In the meantime, EOS price is trading at $9.72 while the immediate resistance is at $10.00. Moreover, the 50 SMA is offering more resistance at the same level. Movements above the $10.00 zone will also be limited by the 100 SMA slightly below the new resistance level at $10.50.

At the moment, $9.6 is supporting EOS/USD, besides if the downside extends below this zone, the price could test the demand zone at $9.5, but $8.5 will be a bit of an overstretch. Currently, a weak bullish momentum is battling to correct higher. Similarly, the oscillator indicator has recovered from the red zone while the MACD is still in the negative levels. EOS price must recover the losses above $10.00 to open the gate for further upside movements.

EOS/USD 15’ chart