EOS price rests near $3.04, upward breakout ahead?

EOS price rests near upward breakout ahead

The EOS price may be getting ready for a breakout above a big descending triangle which could lead the coin’s price to new highs. On the 4th of August, EOS traded near the $3.04 mark.

1-Day EOS price analysis

EOS price chart 1 - 4 August

EOS price chart by Trading View

The coin traded above the $3.04 mark at the start of the 4th of August, after which it shows volatile ups and downs between the $3.04 and $3.08 levels until before noon. The cryptocurrency approached a day’s high of $3.103, while it fell to a day’s low of $2.961 in the afternoon. At the time of writing, EOS traded at $3.029 US Dollars.

The double bottom pattern for EOS price

The Trading View analyst Amin Nima is of the opinion that the EOSUSD pair will perform another double bottom trading pattern in the next two years.

EOS price chart 2 - 4 August

EOS price chart by Trading View

On the 1-Week chart, the crypto analyst highlighted the double bottom pattern that the cryptocurrency completed between 2018 and 2020. EOS hit the first bottom in the descending triangle by the end of 2018, while the cryptocurrency approached its second bottom in March 2020.

The analyst believes that the cryptocurrency will turn bullish now and test the resistance of the first triangle that is shown in the chart above. If the cryptocurrency successfully breaks above this bigger triangle, its price may rise past the $20 mark and approach another descending triangle.

The second triangle will repeat a double bottom pattern for EOS. The Moving Average Convergence Divergence (MACD) technical indicator also indicates a bullish divergence, the blue line appears to be crossing above the orange line of the indicator. If this idea comes into play, the cryptocurrency will approach new highs after breaking out of its first descending triangle.

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.

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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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