EOS (EOS) Price Analysis – July 11

Azeez Mustapha
  • The bears are in control of both the medium and short-term outlook
  • Traders may consider selling at supply area with bearish candles pattern as confirmation

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Bearish

Supply zones: $12.00, $13.00, $41.00

Demand zones: $6.00, $5.00, $4.00

EOS is in bearish trend in the medium-term outlook. The bears kept the pressure up as the lower demand range at $7.35 in yesterday analysis was nicely broken. The cryptocurrency made a low at $7.06 in the demand area. The bullish momentum was weak as price was rejected at $7.52 in the supply area for an upward movement.

The stochastic oscillator is in the oversold region and at 12 percent with it signal still down. This connotes downward momentum in price of the cryptocurrency.

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is in a bearish trend in the short-term outlook. The bulls’ failure for a comeback after railway track formation at the opening of the market at $7.13 brought the bears' back. The cryptocurrency was down to $6.75 in the demand area.

The bulls struggle a push to $7.29 in the supply area and above the 10-day EMA, but the bears return and push price back down below the 10-day EMA.

Price is forming lower highs and lower lows that are unique to down trending market. The cryptocurrency may see new lows as the bears' pressure increases.

 

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