EOS price line moved above the $2.36 level through the first two days of July 2020, until after 15:00 GMT on the 2nd of July. The cryptocurrency turned bearish and the price trajectory fell towards the $2.33 level. At the time of writing, EOS was observed trading at $2.339 US Dollars.
1-Day EOS price analysis (2nd July)
The Relative Strength Index (RSI) fell to 8.85 after 15:00 GMT when the price abruptly fell towards the $2.32 mark. This shows that the cryptocurrency was extremely oversold at the time of fall. At 16:40 GMT, the RSI indicator moved towards 24.04, which means that EOS was mildly oversold at the instance. At the time of writing, the technical indicator was observed at 42.00.
The 20-Day Exponential Moving Average (20EMA) was observed at $2.329 at the time of closure, whereas the 50-Day Moving Average (50MA) stood at $2.326 at the same time.
Read Crypto is a TradingView analyst who believes that EOS might rise above $2.5 if the support gets towards the $2.39 mark.
In their analysis, the analyst has stated that the support level should reach the $2.2851 mark while getting it above $2.3957 is also important for EOSUSD to move upwards.
If the desired support levels are met then the cryptocurrency is expected to move towards the $2.52 to $2.68 trading range. This increase in price will eventually allow EOS to move towards the $3.09 mark.
For the downward move, if the cryptocurrency falls below the $1.8 mark, it’s expected to move to $1.45 on the 1D charts.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.