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)
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.
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.