EOS was previously consolidating inside a symmetrical triangle pattern and has broken to the upside to signal that bulls gained the upper hand. However, price hit resistance at 15.50 and is currently retreating from the climb.

Applying the Fib retracement tool on the latest swing low and high shows that the 61.8% level is close to the broken triangle resistance, which might now hold as support. This also lines up with a former horizontal resistance and the 100 SMA dynamic inflection point.

Speaking of moving averages, the 100 SMA is still below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. In other words, the drop is more likely to persist than to reverse.

The 200 SMA also recently held as dynamic resistance and might continue to do so. Then again, the gap between the moving averages is narrowing to signal a slowdown in selling momentum and a potential upward crossover.

RSI is on the move down so EOS could follow suit while bears remain in control. Stochastic is also heading lower but is approaching oversold levels to reflect exhaustion among sellers. Turning back up could mean a return in bullish pressure and a possible bounce for EOS.

EOS made its mainnet launch but it has been days but the blockchain has yet to go live. Block.One released version 1.0.0 of the EOS software on Saturday and has left it to the community to get it off the ground.

As it is, participants in the EOS ICO have purchased all the initial ethereum tokens that will ever be used to bootstrap the project. These tokens are frozen until the official blockchain is live, and so far exchanges have been able to adapt to this change.

With that, EOS price could stay in limbo until actual updates, whether negative or positive, are announced. Any major glitches could lead to a large drop in price while blockchain developments could lead to a bounce.

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