EOSUSD Medium-term Trend: Ranging
Supply zones: $12.50, $13.00, $13.50
Demand zones: $11.50, $11.00, $10.50
The pair still remains within the range in the first day of this new month, after EOS entered a consolidation period on May 24. Although there was a breakdown at the lower range on May 29 and a subsequent return back into that range same day, the bulls and bears were active on May 30 and 31.
The bears succeeded in pushing the asset from the supply area at $12.70 down to the $11.68 demand area. The bulls started pushing from this area as the bears lost momentum and drove the price back up to the $12.70 supply area. Currently, the bears are in charge and they are pushing EOS down again. Its price is below the 12 and 50-day EMAs which means increased bearish pressure.
A likely breakout or breakdown is sure to occur as the month unfolds. Traders should wait for proper trending of the pair either via a breakout to go long or breakdown to go short.
EOSUSD Short-term Trend: Ranging
The medium-term outlook of the pair shows its consolidating. $12.40 is the upper supply area while $11.80 is the lower demand area in which the pair is trading. The bears and the bulls are fighting over dominance as you can see by the price’s up and down movement within the Bollinger bands. Adopting a good scalping strategy would be good while taking profit as the pair ranges in the short-term.
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