On the 11th of August, the EOS price line fell to the $3 mark after touching the $3.3 level on the same day. Elias is a Trading View analyst who believes that EOS will fall below the $1 mark after observing a downward breakout from the triangle pattern.
1-Day EOS price analysis
By 01:06 GMT, the coin’s price had reached a day’s high of $3.3 US Dollars. At the time of writing, EOS traded at $3.075 slightly improving from the $3.045 US Dollars.
Will EOS price fall below $1?
The Trading View analyst Elias believes that the EOSUSD trading pair is currently inside a descending triangle and it will break below this trading pattern.
As per the idea above, the descending triangle trading pattern began to form after the cryptocurrency reached a high at the $8.6 mark in 2019. The EOSUSD pair formed a steep descending trendline over its trajectory while the cryptocurrency touched the bottom of the triangle in March 2020. EOS has recently tested the descending resistance of the triangle pattern, in the first week of August 2020, after which it appears to have bounced downwards.
Elias believes that EOS will touch the bottom of the triangle pattern again, after which it may break below the triangle pattern after reaching its support. For this trading idea, the target price lies near the $0.54 mark. If the idea comes into play, EOS will fall below the $1 mark.
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.