EOS Price Analysis - June 20

Azeez Mustapha
  • The medium and short-term outlook is consolidating
  • Traders should be patient as either a breakout to the upside for a long position or a breakdown to the downside for a short position will occur soon shortly.

eos mt.png

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

Eos, EOSUSD, Cryptocompare chart

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.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.