The EOS price line moved above the $2.380 level on the price chart for the 3rd of April. Rocketbomb is a TradingView analyst who highlighted the head and shoulders pattern for EOS that was completed in March. The analyst believes that the cryptocurrency is currently in an ascending channel while it will fall to the nearest support once it approaches the resistance.
1-Day EOS Price Analysis (3rd April)
EOS was observed moved across the $2.380 in its ongoing ascending channel. The cryptocurrency appeared to be on a bullish run in the first half of the 3rd of April, where it reached a day’s high of $2.385 US Dollars, after which the cryptocurrency fell below the $2.280 mark following a bearish movement. The coin moved back towards the $2.330 level towards the end of the day, where it closed the day with a trading value of $2.333 US Dollars.
EOS: technical indicators
The 20-Day Exponential Moving Average (EMA) moved below the 50-Day Moving Moving Average (MA), while it closed at the $2.296 mark. At the time of closing, the 50MA stood at $2.304.
The Relative Strength Index (RSI) only an instance where it moved across the level 70.00 and reached a high of 89.79. This means that the coin was overbought at the instance. The RSI turned bearish in the evening of the 3rd of April, while it closed at the 39.26 mark on the scale.
EOS: fall to next support?
The head and shoulders pattern is shown to have formed between the 15th of January and the 8th of March on the featured price chart above. The head reached a high near $5.3 in the middle of February 2020.
Rocketbomb suggests that the cryptocurrency is in an ascending channel, while it approaches the resistance at $2.77. Once it meets the resistance, the price may bounce off to the $1.57 support.
Featured Image by Gerd Altmann.
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.