EOSUSD Price Medium-term Trend: Ranging
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS continue a ranging scenario in the medium-term outlook. The bears' momentum was not strong enough to push past $8.01 in the demand area. The bulls' momentum after they returned was weak as 8.56 proved their limit.
The stochastic oscillator is at 32% and it signal points down.
EOS is still in consolidation and is trading between $8.65 in the supply area of the upper price range and at $7.71 in the demand area of the lower price range. A breakout from the upper price range or a breakdown at the lower price range will likely occur, so traders should wait before taking a position.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in the short-term outlook. The bears sustained the pressure pushing the price down to $8.11 in the demand area. The bulls momentum was cut short after the price reached $8.45 in the supply area.
A bounce occurred each time the price reached the downward trendline - which acts as a strong resistance to upward price movement.
The stochastic oscillator is in the oversold region at 21 % and its signal points down. It reflects the downward momentum in the price of the cryptocurrency in the short-term.
As more bearish candles formed and closed below the EMAs crossover, $8.01 in the demand area may be attained by the bears.
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