EOS (EOS) Price Analysis – July 12

Azeez Mustapha
  • The bears still hold sway of the medium and short-term outlook.
  • Traders may consider responsible selling at supply areas with the reversal candle pattern as confirmation. 

EOS MT.pngEOS Chart by TradingView

EOSUSD Medium-term Trend: Bearish

Supply zones: $10.00, $11.00, $12.00

Demand zones: $5.00, $4.00, $3.00

EOS continues in the bearish trend in the medium-term outlook. The strong bearish pressure saw the price at a fresh low of $6.55 in the demand area. Although the bulls managed a push to $7.17 in the supply area, a resistance for continuation is seen in this area, leading to the bears' return.

With the Fibonacci retracement indicator, the bulls are currently pushing the cryptocurrency up. The 23.6 and 38.2 are the zones to note for the downward trend continuation. The bears may return much stronger and push the price further southward at either of this level. 

The stochastic oscillator is in the oversold region and at 15%, with its signal points down. This connotes a downward momentum in the price in the medium-term.

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is still in a bearish trend in the short-term outlook. The formation of a railway track at the market opening made the bears return bringing the cryptocurrency down to $6.56 in the demand area.

The 12-day EMA was a strong resistance for the bullish upward price movement. The price is forming lower highs and lower lows that are unique to a downtrend 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.