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EOS price varies near $2.600, descending triangle pattern next?

EOS price varies near descending triangle pattern next

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)

EOS Price Chart

EOS Price Chart by TradingView

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. 

EOS Featured Price Chart

EOS Price Chart by TradingView

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.

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.

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