The EOS price line moved towards the $3.05 level on the 8th of August. For the day’s trade, the price line varied within the range of $2.97 to $3.094.
1-Day EOS price analysis
The cryptocurrency’s price stood above the $2.95 mark on the 8th of August, at the time of writing, EOS traded at $3.048 US Dollars.
What’s next for EOS price?
The Trading View analyst Virad Jain thinks that EOS will make its way past the $4 mark.
In their technical analysis on the 1-Day chart for the EOSUSD pair, the analyst drew a descending trendline above the trading pair’s trajectory. Jain believes that EOS has finally reached the bottom of this trade, and the cryptocurrency will now break above the descending trendline and rise past the $4 mark. The entry-level for this trade was placed at $2.8, whereas the stop-loss order was kept at $2.69 by the crypto analyst. The target range lies between the $4 and $5 levels for this idea.
Will EOS move to $5?
Shin Forex is a Trading View analyst who believes that the EOSUSD pair will retest the $5 mark that the cryptocurrency previously tested in February 2020.
As seen in the chart above, EOS appears to be accumulating for quite a while, and it is expected to rise towards the resistance level near $5. If EOS successfully makes it across the $5 mark, the price will further rise to $7 before it sees a rollback towards the resistances near $5 which will then be converted into support levels. The analyst’s idea suggests that if this trading pattern takes place, then the cryptocurrency will eventually rise past the $20 mark by 2021.
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.