The EOS price line stooped below the $2.5 mark on the 21st of September as the crypto market saw a bearish momentum. On the 20th of September, the cryptocurrency was observed resting above the $2.64 price level.
1-Day EOS price analysis
At the time of writing, the cryptocurrency’s price was observed at the $2.547 mark on Coinbase. The EOSUSD pair observed a day’s low of $2.49 US Dollars at 14:40 GMT.
EOS price movement in the last 24 hours
The Trading View analyst Mudrex is of the opinion EOS price will see a slight uptrend in the near future. The analyst used the 1-day chart for the EOSUSD trading pair for this technical analysis.
The EOS price line exhibited lower highs and higher lows. This trend is expected to continue as the Bollinger Bands appear to contract. The Trade volume observed low values under the 20-candle moving average. Recently, the volume spiked to a new low. This indicates a bullish momentum for the cryptocurrency.
The Moving Average Convergence Divergence (MACD) line moved towards the signal line and the Histogram size appeared to decrease in the negative region, which indicated a bearish bias for the BTCUSD pair. The Relative Strength Index (RSI) moved near 40.00, continuing its variation in the neutral region. This means that the cryptocurrency was neither oversold nor overbought during the time.
EOS price invalidates Elliot wave pattern
The Trading View analyst Sunny Hill Capital depicted that the price line will rise towards the $3.6 level after completing the Elliot wave.
The cryptocurrency stepped out of a wide broadening wedge on the 3rd of September when the cryptocurrency turned highly bearish. The analyst expected the price to confirm the Elliot wave and rise towards the $3.6, as shown in the chart above. On the 21st of September, the price turned bearish and fell below $2.49. The invalidation level for this trading idea lies at $2.47. If the cryptocurrency falls to this region, the trade will be invalidated.
EOS breaks below descending channel
The Trading View analyst Tonika suggested that the EOS/USD pair will rise towards the upper boundary of the descending channel.
On the 16th of September, the EOS price line entered a descending parallel channel. The price line was expected to rise towards the $2.7 mark, per the analyst. The analyst was of the opinion that the cryptocurrency may break above the descending channel and test the higher resistances near $2.77 and $2.96 on the long-term trade. However, the cryptocurrency’s price trajectory slipped below the descending channel and fell towards the $2.5 mark on the 21st of September. This invalidated the idea of the cryptocurrency to long above $2.7.
EOS price technical indicators
Near 14:45 GMT, the Bollinger Bands showed increased expansion. This depicts that the price volatility had increased during that time when the cryptocurrency had turned rather bearish. The MACD line and the Signal line had also dropped down on their scales in the negative region.
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