The EOS price line fell to the $3.00 mark on the 8th of March after turning bearish at the $3.6 trading level. The cryptocurrency trades within a day’s range of $3.022 — $3.132.
Trading view analyst GuassianAligator believes that the cryptocurrency is showing some bearish movement following the formation of the head and shoulders pattern after an inverse head and shoulders pattern formed.
1-Day EOS Price Analysis (08th March)
The cryptocurrency began its day’s trade over the $3.6 mark. The coin rested over the trading line until the afternoon of the 8th of March when the price line turned extremely bearish and fell towards the $3.00 level. The coin reached a low of $3.020 US Dollars and then began to retrace towards the $3.20 mark. Closer to the end of the day, the cryptocurrency fell to the $3.00 mark again and scored a day’s low of $2.994 US Dollars. After the day’s closure, the cryptocurrency trades under the $3.10 mark, while at the time of writing, it has a trading value of $3.073 US Dollars.
EOS: predictive analysis
GuassianAligator suggests that the formation of the head and shoulders and the inverse head and shoulders patterns, followed by some bearish movement can be seen in the EOSUSD pair and the BTCUSD pair as well.
As suggested by the crypto analyst, the green line shown in the chart above will be rejected at the pink line while more bearish momentum kicks in for the trading pair.
Featured Image by Austin Distel.
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.