After Bitcoin dominance over the market continues after halving as EOS price exhibited a decline after BTC price dump.
Major altcoins followed the cryptocurrency and underwent their share of price falls on 10th May. EOS price seemed to regain some value over its daily price chart, while it traded about the $2.420 level for two days following the price dump.
Furthermore, closer towards the end of 11th May, EOS exhibited a downward curve in its price line, where it reached below the $2.300 mark.
1-Day EOS price analysis (11th May)
EOS price chart by TradingView
The cryptocurrency showed a ruffled price trend over the chart for 11th May. The cryptocurrency fell below the $2.280 level after 18:00 GMT after it had turned bearish.
At the time of the price fall, the Relative Strenght Index (RSI) had fallen to 8.61. Such a low value for this technical indicator shows that EOS was oversold at the time. At the time of writing, the cryptocurrency traded at $2.388 US Dollars.
EOS: fall below $1.8 next?
Cryptopsikolog is a TradingView analyst who believes that the EOSUSD pair will continue on its bearish momentum until it reaches below the $1.800 mark.
The idea illustrated by the crypto analyst over the chart below shows that the EOS price will look to a long upward movement after reaching below the $1.800 level.
According to the featured chart above, after completing the bearish movement, the cryptocurrency will have $2.8413, $3.6924, $5.4496, $6.8280, and $8.4856 as its next price targets.
However, as Bitcoin is the dominant cryptocurrency, the time for the idea to play or not play at all depends on BTC’s upcoming trend.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.