EOS price falls below $3, what’s next?

EOS price falls below $3, what’s next?

The EOS price line fell below the $3.00 level on the 2nd of August, while the cryptocurrency traded within the day’s range of $2.904 to 3.002.

1-Day EOS price analysis

EOS price chart 1 - 2 August

EOS price chart by Trading View

At the start of the 2nd of August, the cryptocurrency traded near the $3.3 mark, after which it made its way to a day’s high of $3.49. EOS fell to a day’s low of $2.72, after which it settled between the $2.9 and $3.1 levels and traded within the same range throughout most of the day. At the time of writing, the cryptocurrency traded at $2.984 US Dollars.

What’s next for EOS price?

The Trading View analyst Crypto Engineer is of the opinion that the EOSUSD pair will make a short-term move towards the $5 mark.

EOS price chart 2 - 2 August

EOS price chart by Trading View

The analyst highlighted a descending trendline above the EOSUSD movement from May 2019. The crypto analyst believes that the EOSUSD pair will make its way past the descending trendline, and move towards the $5 mark in a short trade.

Will EOS breakout from the pennant?

The Trading View analyst Pj Fomunung has highlighted a pennant on the 1-Hour trading chart for the EOSUSD pair.

EOS price chart 3 - 2 August

EOS price chart by Trading View

The analyst is of the opinion that the EOSUSD pair will break above the pennant. If the cryptocurrency breaks above this trading pattern, it is expected to returns to the $3.47 mark that it recently fell from.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. 

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