- EOS price flash crashes to $2.4.
- EOS price facing strong resistance at the $2.54
- EOS travelling in a descending channel.
- EOS price may breakout, but only after the descend is complete.
On the 23rd of September, the EOS price line rested above the $2.52 level until the end of the day when the price abruptly fell below the $2.4 mark. Previously, the cryptocurrency had been trading above $2.5.
1-Day EOS price analysis
What to expect from EOS?
The Trading View analyst Crypto Short is of the opinion that the EOSUSD trading pair is currently trading inside a descending triangle and it will soon breakout towards the upside.
The analyst has referred to this as a triangular consolidation phase for the cryptocurrency. Crypto Short believes that the altcoin will break past the upper descending trendline of the triangle pattern after it has completed its consolidation. Per the analyst, the breakout will allow the altcoin’s price trajectory to turn bullish and rise past the $10 mark on its charts. The analyst used the 1-week chart for the EOSUSD pair for this technical analysis.
Will the altcoin see an uptrend?
The Trading View analyst DLavrov believes that the cryptocurrency will soon break above a descending trendline. The pattern formed on the 1-day idea chart for the EOSUSD trading pair resembles a descending triangle.
In the chart, the Relative Strength Index (RSI) lies in the neutral phase, while the Moving Average Convergence Divergence (MACD) line appears to be moving towards the signal line that lies above it. The histogram size is decreasing in the negative region. These are bullish signs for the EOSUSD pair.
The analyst marked the support level for this trade at $2.5, while they stated that the stop-loss orders for long-term trades like this one are supposed to be placed below the $2.5 support level. On the 23rd of September, the altcoin moved below this $2.5 support. This may have invalidated this idea. The target price for the trade was marked near $4.
What’s next for the EOS price?
The Trading View analyst Marty Boots is of the opinion that the EOS price has formed a symmetrical triangle on the 4-hour chart for the trading pair, and that the price will soon fall towards the $2 mark.
Per the idea, the cryptocurrency fell into the symmetrical triangle on the 3rd of September after it turned bearish. The cryptocurrency broke out of the triangle pattern on the 16th of September and moved towards the $2.4 level. The price target for this trade lies at $2.08 and the trade is currently active.
EOS completes head and shoulders
In another analysis of the EOSUSD trading pair, Marty Boots marked a head and shoulders pattern for the cryptocurrency’s price trajectory on the 4-hour chart.
As the head and shoulders pattern is a bearish sign, the analyst has concluded that the price will fall below the $1.6 mark after this idea is completed in the long-term trade. The target price for this trade lies at $1.57. Per the chart, the altcoin formed a triangle pattern after the completion of the head and shoulders pattern. Boots highlighted a small ascending channel below the triangle pattern. The cryptocurrency broke below this ascending channel on the 23rd of September. Currently, the price lies near $2.4.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.