EOS price rests above $3.08, what to expect?

EOS price rests above what to expect

The EOS price line gradually rose towards the $3.08 mark on the 5th of August. The cryptocurrency traded within the day’s range of $3.004 to $3.102.

1-Day EOS price analysis

EOS price chart 1 - 5 August

EOS price chart by Trading View

The cryptocurrency traded at the $3.03 mark at the start of the 5th of August, after which the price line fell to a day’s low of $3.004 US Dollars. After 03:00 GMT, the price trajectory gradually rose past the $3.08 mark, where it saw a day’s high of $3.085 US Dollars. At the time of writing, EOS traded at $3.063 US Dollars.

The 20-Day Exponential Moving Average (20EMA) closed at $3.087, while the 50-Day Moving Average (50MA) was observed at $3.073 at the time of writing. At the same time, the Relative Strength Index (RSI) stood at 59.06. At 11:10 GMT, the technical indicator rose to 80.99, which shows that the cryptocurrency was overbought at the time.

What to expect from EOS price?

The Trading View analyst Familio drew a triangle trading pattern for the EOSUSD pair on its 1-Day chart.

EOS price chart 2 - 5 August

EOS price chart by Trading View

The analyst highlighted that the cryptocurrency’s price had reached the upper trendline of the trading pattern, which means that EOS may observe an upward breakout from this trading pattern.

If the breakout occurs, EOS is expected to rise towards the $4.45 mark, at the Fibonacci retracement level 0.786. The idea has not played out yet, but in the analyst’s opinion, EOS has more potential for moving upwards, especially because the coin has not been pumped majorly in this altcoin season.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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