EOSUSD Medium-term Trend: Ranging
Supply zones: $15.00, $16.00, $17.00
Demand zones: $9.00, $8.00, $7.00
EOS continues ranging in the medium-term outlook. The cryptocurrency is trading between $11.00 is the upper supply area while $10.00 is the lower demand area in the range. Daily price opens below the 10-day EMA at $10.40. This implies bearish strong pressure on price towards the south. The lower Bollinger band is acting as a strong resistance for downward price movement. You can see several candles formed along the edges of the lower Bollinger band.
The stochastic oscillator is in the oversold region at 12 percent. Its signal is undefined hence the consolidation scenario.
EOSUSD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend the medium-term outlook. The loss in momentum by the bulls at $10.70 supply area led to the bears’ return. The bears kept pushing price lower to $10.10 in the demand area. Price is forming lower highs and lower lows that are characteristics of a downtrend market.
The stochastic oscillator has moved away from the overbought area at 56 percent. It signal is points down meaning a downward momentum in the price of the cryptocurrency in the short-term.
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