EOS price saw a short rollback on the 20th of May, as BTCUSD price fell on its trading chart for the day. The altcoin traded above the $2.640 level until the evening, after which it fell below the $2.540 mark. DLavrov is a TradingView analyst who believes that a breakout above the local trendline will turn the EOS market bullish.
1-Day EOS price analysis (20th May)
The EOSUSD pair traded near the $2.640 level until after 15:00 GMT on the 20th of May, after which the Relative Strength Index (RSI) fell to a low of 9.61. At that time, EOS was oversold, and the cryptocurrency’s price fell to a day’s low of $2.536 US Dollars. EOSUSD moved towards the $2.600 level as it neared the end of the day. At the time of writing, the EOS price was at $2.581 US Dollars.
EOS: breakout above local trendline?
DLavrov’s idea suggests that the long term trading targets for EOSUSD are $5.00 and $8.00 if the trading pair breaks above the local trendline shown in the idea chart.
The crypto analyst further stated that it does not matter whether the price moves back to $1.50 or not before it continues the uptrend. The whole picture for the altcoin’s market suggests that even the current standing of the cryptocurrency may look interesting for investing.
However, the breakout will only take place if Bitcoin does not move sideways or turns bearish. In one of his comments, DLavrov also expressed their disbelief in the idea of altcoins attaining a solid bullish market, if Bitcoin is falling or moving sideways.