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EOS price moves towards $2.8 in the parallel channel

EOS price moves towards in the parallel channel

After following the cryptocurrency king BTC’s uptrend, the EOS price line returned below the $2.76 mark on the 8th of June. Daniel Ramsey, the TradingView analyst, was of the opinion that EOS would fall to $2.71 in the bear market.

The cryptocurrency is ranked 9 in the cryptocurrency market, with a market capitalization of $2,597,447,493 US Dollars.

1-Day EOS price analysis (8th June)

EOS price chart 1 - Jun8

EOS Price Chart by Trading View

The Relative Strength Index (RSI) was at 78.36 near 15:50 GMT when the pair rested below $2.78. For the time, the RSI indicator shows that the coin was overbought. As the day proceeded to its end, the cryptocurrency returned above the $2.79 mark.

The cryptocurrency fell to a day’s low of $2.75 US Dollars. At the time of writing, the EOSUSD pair was observed trading above the $2.79 level.

EOS price to fall towards $2.71?

Ramsey, the crypto analyst, draws the resistance for EOSUSD at $2.88. As indicated in the chart below, the support line for the pair lies at $2.38.

The cryptocurrency tested the $2.88 resistance on the 2nd of June, after which it showed a downward rollback to the $2.64 level.

EOS price chart 2 - Jun8

EOS Price Chart by Trading View

If we look at the chart above, we can see a parallel trading channel for the pair, while the cryptocurrency rests above the pivot (blue and dotted). The cryptocurrency returned short of the resistance after following BTC’s recent bullish momentum; the analyst believed that the rollback would have led the price towards the $2.71 mark. However, EOS was observed moving up and towards $2.79 on the 8th of June.

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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