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 bulls were able to price to $10.79 in the supply area which is the upper line of the Bollinger band from $10.53 in the demand area. The daily opening candle is bearish above the two EMA crossover with price at $10.64.
The stochastic oscillator is at 48 percent. Its signal points down. It thus implies that we may see minor bearish momentum before the favoured bullish momentum. $11.00 is the upper supply area of the range while $10.00 is lower demand area. Traders should be cautious trading the range as a breakout or a breakdown may occur sooner than expected.
EOSUSD Short-term Trend: Ranging
The cryptocurrency is consolidating in the medium-term outlook. The bearish momentum was lost at $10.20 demand area after it was tested twice making it a true support. The formation of a double bottom at this area resulted in the upward movement of price as the bulls returns. Price is above the 10-day EMA. The stochastic oscillator is in the overbought region with signal pointing upward. This implies upward price movement due to the bullish pressure.
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