EOS price moves to $2.6; descending parallel channel?

EOS price moves to descending parallel channel

The EOS price line observed an incline towards the $2.60 level on the 12th of June. Chiranjeev Chhabra, a TradingView analyst, is of the opinion that the cryptocurrency will fall towards the $2.1 mark next. The trading pair was observed within a day’s range of $2.485 — $2.622.

1-Day EOS price analysis (the 12th of June)

EOS price chart 1 - Jun12EOS Price Chart by Trading View

The cryptocurrency had fallen below the $2.45 level while following the Bitcoin BTC price movement. The EOSUSD pair traded near the $2.50 level until it approached the 12th of June, after which it saw a gradual incline towards the $2.60 mark. At the time of writing, the cryptocurrency was observed trading at $2.579 US Dollars.

On the 12th of June, the Relative Strength Index (RSI) was observed at a low of 21.30 at 00:04 GMT. For the rest of the day’s trade, the RSI indicator varied above 30.00. At 13:45 GMT, the technical indicator approached a day’s high of 80.13. This means that EOS was overbought at the time.

EOS price movement; downward move next?

Chiranjeev Chhabra is a TradingView analyst who believes that the EOSUSD pair should see a fall towards the $2.1 — $2.3 range.

EOS price chart 2 - Jun12EOS Price Chart by Trading View

The crypto analyst drew a descending parallel channel on the EOSUSD charts. Currently, the cryptocurrency trades above the pivot point of the channel. EOS approached the upper boundary of the descending channel three times between the 25th of May and the 6th of June.

The idea suggests that the trading pair will now move towards the lower boundary of the channel. This idea will come into play if BTC, the cryptocurrency king, sees a fall on its charts as well. If the trading pattern completes its move, EOS will fall towards the $2.1 — $2.3 price range.

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.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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