EOS price moves to $2.7 after head and shoulders pattern

The EOS price line converged near the $2.700 level on the 1st of June. The cryptocurrency had been traded above the $2.760 level, after which it observed a brief retracement that led the price trajectory below the $2.660 mark. For the day’s range, the cryptocurrency varied within $2.662 — $2.731.

1-Day EOS price analysis (1st June)

EOS Price ChartEOS Price Chart by Trading View

For most of the 1st of June, the Relative Strength Index (RSI) was observed in its normal range, however, it fell to a low of 17.10 at 10:20 GMT. This shows that EOS was oversold at the time. At the time of writing, the RSI was observed at 55.02, while the EOSUSD pair traded at $2.711 US Dollars.

EOS price in head and shoulders? 

Cryptosuf is a TradingView analyst who highlighted a head and shoulders pattern for EOSUSD on the charts.

EOS Price Featured ChartEOS Price Chart by Trading View

As per the chart above, the head and shoulders pattern started on the 5th of April, and the right shoulder was completed by the 31st of May. The head peaked near the $3.10 level.

EOS price towards $3?

pranavchadha18 is a TradingView analyst who believes that EOS is ready for an uptrend across the $3.0 mark. 

EOS Price Featured ChartEOS Price Chart by Trading View

As observed in the chart above, EOSUSD showed lower highs as May proceeded towards its end. The trading pattern is almost complete and the analyst expected EOS to make a bullish breakout towards the $3.0 level. The analyst also put a lenient stop, however, they believe that EOS looks ready to run.

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.

About the author