EOSUSD Medium-term Trend: Bearish
Supply zones: $15.00, $16.00, $17.00
Demand zones: $9.00, $8.00, $7.00
EOS remains in a bearish trend in the medium-term outlook. After pushing price to $9.00 in the demand area, the bears briefly lost momentum. This resulted in the bulls return whose momentum gradually push price initially to $10.28 and next to $10.48 in the supply area. This bullish run should be seen as a pullback necessary for market correction.
Flag has been formed by this bullish activities. A flag is an indication for previous trend continuation and in this case the downtrend. This implies that a major selloff may occur soon. The stochastic oscillator is already in the overbought region meaning that the upward momentum is exhausted and the downward momentum may commence soon.
EOSUSD Short-term Trend: Bullish
The cryptocurrency is bullish in the medium-term outlook. The bears broke the lower demand area of yesterday range and took price lower to $9.15 in demand area but lost momentum and could not go further down. The bulls came back and drove price up initially to the supply area at $10.10 and later to $10.40. Price is forming higher highs and higher lows that are bullish market characteristics.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.