On the 30th of June, the EOS price line appears to rest near the $2.35 level. While the crypto analyst Trading Guru believes that the price will complete the bear flag pattern, the cryptocurrency still trades above $2.35.
1-Day EOS price analysis (30th June)
EOS traded at $2.359 US Dollars at the time of writing. While the day’s low was observed at the $2.322 mark.
EOS price movement, bear flag?
Trading Guru, the TradingView analyst, believed that the EOSUSD pair will fall towards the $2.25 level.
As per the idea, the EOSUSD pair broke below the horizontal resistance near $2.40 on the 27th of June, after which the cryptocurrency’s price crashed towards the $2.24 mark. The trading pair drew an ascending parallel trading channel for the 28th of June.
The coin’s price climbed across the $2.38 mark in the trading channel, after which it was expected to break below the ascending channel, as stated in the idea above.
The analyst explained a bear flag as a bearish continuation pattern that is formed after a crash, after which an ascending channel is formed due to the price bounce. If the channel is broken downwards, another downtrend can be expected to form.
The analyst expects this idea to play out as a bear flag as well; however, the price line appears to vary in the $2.340 to $2.370 range. The idea is yet to complete, but if the price line continues a bearish trend towards the $2.3 mark, then this idea will be completed.
The analyst also suggested a short trade due to the ascending channel, where the target price was expected near the $2.40 mark. This trade set-up approached the take profit on the 29th of June.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.