EOS Price Analysis - June 7

  • The cryptocurrency is ranging both in the medium and short-term outlooks.
  • Adopting a good scalping strategy may be considered.

Eos, EOSUSD, Cryptocompare chart

EOSUSD Medium-term Trend: Ranging

Supply zones: $16.00, $17.00, $18.00

Demand zones: $11.00, $10.00, $0.9000

Eos continues ranging in the medium-term outlook. The bulls could not sustain the momentum that drove the price from the demand area at $13.24 to the demand area at $14.04. This is due to the strong resistance in this area. The bear came in and pushed the price down below the two EMAs crossovers. At the time of writing the price was down to $13.79. The opening price was $13.87 against yesterday's $14.00, implying that the bearish momentum may increase as the day goes by. The stochastic oscillator is in the overbought region with its signal pointing down. This connotes a downward momentum. The structure of the cryptocurrency is M. The right leg is developing and this implies that a retest of the demand area at $13.00 may likely occur as the bears increase their momentum within the range in the medium-term. 

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chart

The cryptocurrency is still ranging in the medium-term outlook. The bulls lost momentum at the $14.09 supply area bringing the bears back to the market. They push the price down South and may likely get to the demand area at $13.30. EOS is trading within the upper supply area at $14.20 and the lower demand area at $13.30. A breakout or a breakdown is imminent and traders should wait for either of this before taking a position.

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