EOSUSD Medium-term Trend: Ranging
Supply zones: $12.00, $13.00, $14.00
Demand zones: $5.00, $4.00, $3.00
EOS is ranging in the medium-term outlook. The bulls kept the momentum high as a new high of $9.34 in the supply area was attained, although the bears managed to go for a quick pullback that got price down to the demand area at $7.84.
The bulls returned was with a large engulfing candle and subsequently touched the supply area for a third time. The stochastic oscillator is in the overbought region at 84 percent and its signals aren’t clear which is a reflection of the ranging scenario that is happening.
EOS is in consolidation and trading between $9.26 in the supply area of the upper price range and at $8.04 in the demand area of the lower price range. Traders should be patient and wait for a well-defined trend either after a breakout to go long or a breakdown to go short.
EOSUSD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. Strong bullish pressure was sustained as the strong support zone at $8.40 was broken and a new high of $9.16 in the supply area was reached.
The formation of a bearish inverted hammer allowed the bears to come back. They may pushed the price down to retest the broken supply zone, a move that should be seen as a market correction necessary for the continuation of the uptrend. As long as the price is above the 50-day EMA the bulls are in control and will keep pushing the cryptocurrency up.
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