After showing ruffled price movements on the price chart for the 22nd of February, the EOS price line approaches the $4.1 mark at the end of the day.
The trading view analyst DLavrov believes that the price has dropped below the local uptrend line, hence a local downtrend is expected. He is of the opinion that the cryptocurrency’s market has given off a trend reversal signal based on the bullish divergence.
1-Day EOS Price Analysis (22nd February)
The cryptocurrency moves towards the $4.1 mark with irregular price movements after it fell towards the $4.0 mark on the 22nd of February. The cryptocurrency saw a local uptrend in the afternoon when the cryptocurrency stretched its price line towards the $4.160 mark and came back to the $4.1 level. As of now, the EOSUSD trades at the $4.090 mark.
EOS: Predictive Analysis
The price has dropped below the local uptrend line, the 100-Day Simple Moving Average (SMA), and the 200-Day Simple Moving Average (SMA).
DLavrov predicts that if the cryptocurrency’s price breaks below the current downtrend line, the market will allow an opportunity for the buyers.
The crypto analyst believes that the profit target should be set as the $5.5 resistance. DLavrov also stated that the Relative Strength Index (RSI) has confirmed the price reversal for the coin, while the current MACD lines and the histogram are set to support an uptrend.
Conclusively, if Bitcoin does not see itself to a drop, this buy signal in the EOS market may become profitable for the cryptocurrency.
Featured Image by Jeremy Bishop.
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.