EOS price falls to $2.650: what’s next?

On the 2nd of June, the EOS price line saw a continuous uptrend until the evening. The cryptocurrency moved across the $2.850 level, after which it saw an abrupt fall to the $2.650 level. The cryptocurrency traded within a day’s range of $2.603 — $ 2.891.

1-Day EOS price analysis (2nd June)

EOS Price ChartEOS Price Chart by Trading View

EOS began the trade with its initial price near the $2.800 mark. The cryptocurrency gradually made its way across the $2.850 mark and approached a day’s high of $2.891 US Dollars. At 14:47 GMT, the EOSUSD trading pair was observed bearish as it fell to a day’s low of $2.603 US Dollars. Ever since the price fall, the cryptocurrency has held above the $2.650 mark. At the time of writing, EOS traded at $2.674 US Dollars.

The Relative Strength Index (RSI) fell to a low of 5.14 at the time of the drop. This shows that EOS was extremely oversold at the time while the RSI recovered above 50.00 shortly after the fall. At the time of writing, the RSI was observed at 48.30.

EOS price movement, what’s next?

Daniel_Ramsay is a TradingView analyst who believes that the EOSUSD trading pair should go short towards the $2.60 level. 

EOS Featured Price ChartEOS Price Chart by Trading View

As per the idea, the cryptocurrency should now fall towards the $2.60 mark. The analyst marked the support at the $2.3869 level and the resistance at the $2.8117 level. EOS saw a continuous uptrend, where it crossed multiple sell points since the 26th of June.

The upward movement may have exhausted the bullish move, which has now caused a pullback. This idea may come into play, however, it depends on the cryptocurrency king’s upcoming price trend as well.

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.

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