EOSUSD Medium-term Trend: Ranging
Supply zones: $12.00, $13.00, $14.00
Demand zones: $5.00, $4.00, $3.00
EOS continues ranging in the medium-term outlook. The bears successfully pushed price down the lower range at $8.36 in the demand area of the range. This is below the 12-day EMA. The formation of a doji and subsequently a bullish candle confirms the bulls returned. Upward movement in the cryptocurrency is seen as price is above the 12-day EMA at $8.72 in the supply area due to the bull’s momentum increased.
The stochastic oscillator is at 49 percent and it signals points up which further confirm upward momentum due to the bulls pressure. The price of the cryptocurrency may be heading north in supply area of the upper range.
EOS is still in consolidation and trading between $9.24 in the supply area of the upper price range and at $8.40 in the demand area of the lower price range. Patience will be a good strategy at this point of consolidation before taking a position.
EOSUSD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The pullback by the bears retested the broken supply area now demand zone at $8.40 as predicted yesterday. This was a correction for uptrend continuation as the bulls returned.
Price is above the two EMAs which is a sign of the bulls return. The stochastic oscillator is in the overbought region at 79 percent and it signals points. This implies that the cryptocurrency head north as the bullish pressure becomes strong in the short-term. The cup and handle formation seen here is also bullish.
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