The EOS price line appeared dishevelled on the 15th of May. According to CrptTeddyBear, who’s a TradingView analyst, the cryptocurrency will not show any bulls while it trades with lower lows and lower highs to form a descending triangle pattern.
1-Day EOS price analysis (15th May)
The cryptocurrency stood above the $2.620 level at the beginning of the day’s trade, after which it turned bearish and fell below the $2.560 mark within the first quarter of the day. The cryptocurrency gradually made its way above the $2.640 level near noon on the 15th of May, where it coin reached a day’s high of $2.660 US Dollars.
The Relative Strength Index (RSI) remained between the levels 30.00 and 70.00 on the scale for most of the day. The technical indicator fell to a low of 13.48 near 21:00 GMT, which shows that the coin was oversold at the time.
EOS: descending triangle?
The crypto analyst drew a descending triangle to predict the cryptocurrency’s pattern for the upcoming year.
According to the idea, EOS will gradually move towards a low of $2.00 mark within the upcoming year. The lower lows and lower highs of the cryptocurrency’s price trend over the past two years depict a descending triangle that may see to its completion in the next year.
If this idea for the descending triangle holds, then the cryptocurrency’s price will have fallen below the $2.00 mark by the time the pattern is formed.
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.