EOS (EOSUSD) Technical Analysis: Waiting for a Correction

EOS is trending higher on its 1-hour time frame inside an ascending channel and is currently testing the very bottom. A bounce could take it back to the channel resistance at 6.000 while a break lower could spur a downtrend.

The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the uptrend is more likely to resume than to reverse. However, price is closing below the 100 SMA dynamic inflection point to reflect a pickup in selling pressure. In that case, EOS might aim for the 200 SMA dynamic support at 5.400 next.

Stochastic is also on the move down to suggest that sellers still have the upper hand, but the oscillator is nearing oversold levels to indicate exhaustion. Turning back up could encourage buyers to return and lift EOS price at least until the mid-channel area of itnerest at 5.800.

RSI is also heading south so EOS might follow suit. This oscillator is nearing oversold levels but could take some time before pulling back up, suggesting that bears might stay in control for a bit longer.

BancorX has officially gone live, making it the first cross-platform across various blockchains on EOS and ERC20. In its tweet, the company stated:

“We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens.”

Eyal Hertzog, the Co-Founder of Bancor added:

“BancorX is based on the ability to move BNT — Bancor’s Network Token — between blockchains. This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future.”

This unique platform allows users to convert tokens frictionlessly without the need to find a counterparty for trade, unlike traditional exchanges.

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