EOSUSD Medium-term Trend: Ranging
Supply zones: $15.00, $16.00, $17.00
Demand zones: $7.00, $6.00, $5.00
EOS continues ranging in the medium-term outlook. The downward momentum was high as the bears pushed price down to $7.26 in the demand area from $7.70 in the supply area. The formation of a double bottom and a reversal candle pattern in this demand area brings the bulls back in the market.
The bulls are gaining momentum as price is gradually being pushed up and now above the 12-day EMA at $7.62. The cryptoasset is still trading between $8.50 in the supply area of the upper range and $7.00 in the demand area of the lower range.
The stochastic oscillator is in the oversold region at 26 percent. Its signal points up, which implies upward momentum of price due to the bulls pressure is favoured.
EOSUSD Short-term Trend: Ranging
The cryptocurrency is consolidating in the medium-term outlook. The bears brought price down to $7.30 in the demand area from $7.91 in the supply area. Thereafter the bulls are pushing price up currently at $7.60.
The cryptocurrency is trading between $7.80 in the supply area is the upper price range while $7.20 in the demand area is the lower price range. Traders should be patient while trading the consolidation in the short-term.
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