The EOS price line was seen moving across the $2.350 level on the price chart for the 21st of March. The cryptocurrency trades within a day’s range of $2.257 — $2.394.
Faibik is a TradingView analyst who is of the opinion that the EOSUSD pair has been moving inside a descending triangle on the weekly chart, while the support line lying underneath happens to be very strong.
1-Day EOS Price Analysis (21st March)
The cryptocurrency began the day’s trade below the $2.200 level after which it made a triangular pattern which peaked at the $2.284 mark. Closer to noon of the 21st of March, the cryptocurrency saw a day’s low of $2.112 US Dollars after which it gradually moved across the $2.350 level to reach a day’s high of $2.360 US Dollars.
The coin closed the day with a trading value of $2.270 US Dollars, while it stood at the $2.294 US Dollar mark at the time of writing.
EOS: will critical support at $2 hold?
According to Faibik, the cryptocurrency was held by a strong support while it continues to move in a descending triangle.
The bearish pattern should have the cryptocurrency to fall below the $2 mark where the critical support lies, the coin is expected to fall towards the $0.5500 level. However, if the bulls hold the support holds, the price line may even bounce off and then retest the critical support, given that it fails to clear the resistance at the $4 mark.
In another scenario, if the coin clears the resistance at $4, the coin may see an uptrend towards the $7.7 level and in that case, it will test the resistance here.
Featured Image by Mark Finn.
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.