EOS has formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 1-hour time frame. The price is currently trading close to the triangle resistance to suggest that bulls are still attempting a break higher.
The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, resistance is more likely to break than to hold or support is more likely to hold than to break. In the event of the former, EOS could climb by around the same height as the triangle, which spans 4.600 to 6.600.
Then again, the moving averages could simply be oscillating for now as consolidation has been in play. These could still continue to hold as dynamic inflection points while EOS approaches the peak of the triangle pattern.
Stochastic has some room to head up before reaching overbought levels to reflect exhaustion among buyers. However, the oscillator also seems to be topping out and ready to head lower, so EOS might follow suit if sellers return. RSI is gradually climbing but is starting to move sideways as range-bound conditions were observed.
In a statement on its blog, Block.one tackled public blockchain governance for EOS, citing:
As we go forward and continue to improve the EOSIO open source code, we extensively think about the future of decentralized governance and are committed to continually pushing thought leadership on optimal design.
The company also acknowledged that there have been “unverified claims regarding irregular block producer voting, and the subsequent denials of those claims.” This follows rumors that the platform’s major Block Producers and miners on Huobi are guilty of “mutual voting” and “collusion.”
Huobi exchange has since denied any involvement in these allegations as well, even as a table of voting behavior was recently circulated.
Images courtesy of TradingView