On the 7th of June, the EOS price line exhibited a downward curve that led the trading pair below the $2.740 level. EOSUSD returned above the $2.810 mark before closing the 24-hour trade. The cryptocurrency was observed trading within a day’s range of $2.734 — $2.820.
1-Day EOS price analysis (7th June)
The cryptocurrency turned bearish in the afternoon, after which it fell to a day’s low of $2.734 US Dollars. EOS traded below the $2.760 level until after 19:30 GMT. The coin rose across the $2.810 level, and it was observed trading at $2.814 US Dollars at the time of writing.
The Relative Strength Index (RSI) met a low of 18.38 at noon on the 7th of June, which shows that EOS was oversold at the time. The RSI indicator moved past the mark 80.00 near 20:30 GMT, depicting an overbought instance for the cryptocurrency. At the time of writing, the technical indicator was observed at 38.13.
EOS: what’s next?
readCrypto is a TradingView analyst who believes that EOSUSD is likely to see an uptrend above the $3.00 mark. The analyst discussed that the trading pair rested above the $2.5258 and $2.6878 price levels, while it was located in the lower section of the $2.6878 — $3.1104 range, that was placed in the section $2.6878 — $3.5330 of the Fibonacci Retracement ratio.
The analyst explained that for the EOSUSD trading pair to see an uptrend, it would have to rise above the $3.0973 — $3.1104 range.
readCrypto believes that EOS is ready to see an uptrend movement, which will lead it across the aforementioned price section. However, the analyst also said that if EOS falls below the $2.5258 mark, then it will continue to fall towards $1.9465 on the charts.
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.