Like the other major altcoins, EOS price appeared bearish on its daily chart for 10th May as Bitcoin underwent the price dump at the beginning of the day.

EOS fell below the $2.350 level during the price dump, while it traded between the $2.350 and $2.450 levels for the rest of the day.

1-Day EOS price analysis (10th May)

EOS Price Chart by TradingView

After the dump, the EOSUSD pair depicted fewer variations in its price trend for 10th May. The cryptocurrency traded between the $2.350 and $2.450 levels throughout most of the day, while the price line bent towards the $2.300 level in the evening. At the time of writing, the EOS price was observed at $2.453 US Dollars.

EOS: technical indicators

EOS Price Chart by TradingView

The moving average technical indicators abruptly fell at the beginning of 10th May, as the price dump occurred. Both of the moving averages traced their graphs near the $2.450 level, while they briefly curved towards the $2.300 level in the evening when the cryptocurrency’s price fell to $2.311.

The 20-Day Exponential Moving Average (EMA) closed at $2.463, while the 50-Day Moving Average (MA) saw its day’s closure at a value of $2.467.

The Relative Strength Index (RSI) had fallen to 1.62 during the price dump, and this showed an extremely bearish divergence for the technical indicator. The low values for the RSI depicted that the cryptocurrency was oversold at the time.

As seen in the full-featured chart above, the RSI regained its value shortly after the price dump. Near 15:00 GMT, the RSI fell short on its scale as the cryptocurrency fell towards $2.11. At the time of writing, the RSI was observed at 36.42.

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.

This post was last modified on August 2, 2020 7:04 am