In the second quarter of 2019, EOS experienced a flurry of fundamental activities that affected its general health in the quarter. We will share some of the important events and analysis of this platform and token.
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EOS aims to create a blockchain architecture that scales to millions of transactions per second, eliminate transactions fee, and support the quick and smooth deployment of DApps. The blockchain-based platform facilitates the development of commercial-scale DApps on the EOS.IO network.
We shall consider a few of these fundamentals below.
EOSIO Labs™ Release: The EOSIO™ Explorer
On May 21, Block.01 announced the release of EOSIO Explorer.
EOSIO Labs stated that the new interface aims at enhancing the developer experience of monitoring and interacting with EOSIO-based applications and systems in development. As opposed to the previous interface which only allowed developers to use a less user-friendly command-line based toolchain, the new EOSIO Explorer and their browser would allow developers efficiently check blocks in their development nodes.
EOSIO Explorer, which is more user friendly and with a more graphical interface, will also enable developers to generate new transactions or resend transactions sent previously quickly. It will also allow users to create and manage their development accounts and keys, upload smart contracts via a graphical drag-and-drop interface, and other features.
EOSIO™ Software Release: Native SDKs for Swift and Java
On May 17, EOSIO also announced the release of a new pair of open-source EOSIO tools to create a robust mobile experience on EOSIO.
The latest release, which was EOSIO Labs’ solution to providing friendly SDKs (Software Development Kits) for the increasing number of mobile app users, aims at enhancing primary mobile apps development on EOSIO.
The release was EOSIO SDK for Swift programming language and EOSIO SDK for Java programming language. According to the announcement, targeting these programming languages was creating an opportunity for Android and iOS—the most popular mobile platforms to leverage these capabilities.
These SDKs provide native APIs (Application Programming Interface) for interacting with EOSIO blockchains.
Technical Analysis
Coming out of the cryptocurrency winter of 2018, the second quarter Q2 2019 confirmed a phase viewed as the crypto spring. Let’s go-ahead to analyze the different technical price drivers on the EOSUSD pair, following a top-down multiple time frame approach.
EOSUSD: Monthly
Following a breakout of bearish accumulation resistance (2.1830) in the first quarter Q1 February ‘19, and a bullish accumulation candlestick pattern on March ’19, the EOSUSD attained a Q2 price increase of about 103.5%.
The second quarter Q2 finally closed bearish (35.9%) in June ’19 signaling an inside-bar candlestick formation, eroding a huge chunk of the earlier gains and bearish for Q3.
EOSUSD: Weekly
On the weekly chart, an earlier bullish accumulation pattern at the latter part of Q1 engaged the bullish momentum into Q2.
The bulls resumed the bullish trend from an earlier two weeks correction by signaling a bullish accumulation on May 06 ’19 (4.6113) for about 62.0% price increase before exiting the overbought area on June 03 ’19.
EOSUSD: Daily
Lastly, the daily chart illustration shows a buildup of the Q2 bullish trend, starting with a bullish accumulation pattern on April 01 ’19, and followed by a hidden bullish divergence at the end of the month April 30 ’19.
The price rallied by about 75.27% before signaling a regular bearish divergence pattern on June 01 ’19 (8.6503). Attempts to restore the bullish trend through a hidden bullish divergence on June 14 ’19 failed to a counter increase in selling pressure on June 25 ’19.
Conclusion and Projection
At the end of Q2 ’19, the EOS USD closed bearish highlighting huge bearish price patterns that currently drive the EOS price south into Q3.
The dominance of Bitcoin against altcoins generally shows that speculators are risk averse towards holding on to alternative currencies. A price close above the 4.7753 resistance level (daily time frame of EOSUSD) may show an increase in investor confidence towards EOS.
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