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EOS price falls to $2.37 while the pair trades in a descending triangle

EOS price falls to while the pair trades in a descending triangle

The EOS price line traveled towards the $2.400 level on the 1st of July, before it returned to $2.37. Analysts believe that the EOSUSD trading pair is currently trading in a descending triangle trading pattern.

1-Day EOS price analysis (1st July)

EOS price chart 1 - 1 July

EOS Price Chart by Trading View

At the time of writing, EOS traded at $2.379 US Dollars.

Will EOS fall below $2.00?

Guapeva, the TradingView analyst had drawn a descending triangle for the EOSUSD pair, and they believed that the cryptocurrency will fall below the $2 mark. The pattern is outlined on the 1D chart for the trading pair below.

EOS price chart 2 - 1 July

EOS Price Chart by Trading View

The descending triangle pattern began when the price line rose across the $3.00 mark on in April and crashed towards $2.30 by the mid of May. The major support level lies at $1.81, as per the crypto analyst’s idea.

The Stochastic Relative Strength Index (RSI) indicated a bounce up on the 28th of June, while the price line moved towards the $2.40 level on the first of July 2020.

Mycotoxic is another TradingView analyst who indicated a descending triangle pattern for the trading pair on the 12H chart.

EOS price chart 3 - 1 July

EOS Price Chart by Trading View

The analyst suggested that the price line will move towards the upper boundary of the descending triangle before it bounces below and breaks out of the trading pattern. In this trade, the cryptocurrency was expected to move to $2.081 as its target price.

The cryptocurrency fell below the descending triangle on the 28th of June, while it currently moves above the $2.30 level.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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