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