While following the cryptocurrency king Bitcoin BTC, the altcoin market exhibited its fair share of the bullish momentum on the 29th of May. The EOS price line moved past the $2.660 level while trading within a day’s range of $2.589 — $2.669.
1-Day EOS price analysis (4th May)
At the start of the 28th of May, EOS was near the $2.560 level, after which it gradually moved towards the $2.600 mark as the day came to its closure.
On the 29th of May, EOSUSD appeared bearish and it moved past the $2.660 level and approached a day’s high of $2.670 US Dollars. At the time of writing, EOS traded at $2.617 US Dollars.
EOS price: what’s next?
Zoio is a TradingView analyst who highlighted an ascending channel for the EOSUSD trading pair. As per the analyst’s idea, the cryptocurrency should cross the $9.0 mark by 2021, if it moves above the pivot point (dotted) of the ascending channel.
The idea posted by the analyst depicts a trend for a long trade, which means that it will take place over the course of the remaining year.
As per the charts, the 20-Day Exponential Moving Average (20EMA) closed at $2.623, while the 50-Day Moving Average (50MA) was observed closing at $2.621 on the 29th of May.
The Relative Strength Index (RSI) turned bullish at the beginning of the 29th of May. Values of the RSI, as high as 88.00 show that EOS was overbought at the time the EOSUSD pair appeared bullish. The RSI was observed at 53.43 at the time of writing.
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.