EOS price saw a 35% drop after reaching a cycle high. The trading view analyst ferGOD is of the opinion that the cryptocurrency needs time to consolidate, however it has approached a support line right under the $4.30 level, which means that the coin may see a higher swing with time.
EOS heads above the $4.30 mark on the 23rd of February after seeing a bullish momentum. Currently, the coin rests over the $4.30 level.
1-Day EOS Price Analysis (23rd February)
Before the coin approached the price chart for the 23rd of February, the cryptocurrency traded near the $4.00 level, after which it gradually moved towards the $4.10 mark until the end of the 22nd of February.
As seen in the price chart posted above, the cryptocurrency saw an uptrend on the 23rd of February. The coin found a support line right below the $4.30 mark and continued trading above the $4.30 level after 06:00 GMT. Currently, the EOSUSD trading pair lies at the $4.316 mark.
EOS: Predictive Analysis
ferGOD believes that if the current support holds near the $4.30 mark, the cryptocurrency may soon reach the $5.5 mark or break across it. EOS came crashing downwards with a loss of 35% of its price.
Currently, if the coin holds the support found under the $4.30 mark, the trading view analyst says that they expect for the price to have a long price target at $5.5. EOS trades with a day’s range of $4.090 — $4.399.
Featured Image by Briana Wallace.
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.