EOS price sees short pullback to $2.600: what’s next?

EOS price sees short pullback to what s next

EOS price saw a short rollback on the 20th of May, as BTCUSD price fell on its trading chart for the day. The altcoin traded above the $2.640 level until the evening, after which it fell below the $2.540 mark. DLavrov is a TradingView analyst who believes that a breakout above the local trendline will turn the EOS market bullish.

1-Day EOS price analysis (20th May)

EOS Price ChartEOS Price Chart by TradingView

The EOSUSD pair traded near the $2.640 level until after 15:00 GMT on the 20th of May, after which the Relative Strength Index (RSI) fell to a low of 9.61. At that time, EOS was oversold, and the cryptocurrency’s price fell to a day’s low of $2.536 US Dollars. EOSUSD moved towards the $2.600 level as it neared the end of the day. At the time of writing, the EOS price was at $2.581 US Dollars.

EOS: breakout above local trendline?

DLavrov’s idea suggests that the long term trading targets for EOSUSD are $5.00 and $8.00 if the trading pair breaks above the local trendline shown in the idea chart.

EOS Featured Price ChartEOS Price Chart by TradingView

The crypto analyst further stated that it does not matter whether the price moves back to $1.50 or not before it continues the uptrend. The whole picture for the altcoin’s market suggests that even the current standing of the cryptocurrency may look interesting for investing.

However, the breakout will only take place if Bitcoin does not move sideways or turns bearish. In one of his comments, DLavrov also expressed their disbelief in the idea of altcoins attaining a solid bullish market, if Bitcoin is falling or moving sideways.

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.

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.

Related News

Hot Stories

Ripple price analysis: Bullish momentum helps elevate XRP price to $0.3882
Luxembourg expands PayPal operations to cryptocurrencies
Metacade Presale for Web3’s First-Ever P2E Crypto Arcade Raises Over $670k in Under 2 Weeks
Ankr Price Prediction 2023-2031: Will the ANKR price go up?
Bitcoin, Ethereum, Filecoin, and ApeCoin Daily Price Analyses – 7 December Roundup

Follow Us

Industry News

Luxembourg expands PayPal operations to cryptocurrencies
Grayscale Investments slammed with a lawsuit as GBTC plunges
Taylor Swift's $100M partnership with troubled FTX ended prematurely: Reports
Iran plans to freeze bank accounts for women without hijab
Revealed: the top-5 token Holdings of Alameda

Add Your Heading Text Here