EOSUSD Price Medium-term Trend: Bearish
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS is in a bearish trend in the medium-term outlook. The breakdown at $7.71 in the lower range yesterday was due to the bears’ strong pressure on the cryptocurrency price. The price was further pushed down to $7.42 in the demand area after a retest.
The formation of the bullish spinning top had no impact as the bears continue their journey south with price currently down in the demand area at $7.22.
The price is below the EMAs crossover and the EMAs are fanned apart – suggesting strength during the trend.
The stochastic oscillator is in the oversold region at 15% and it signal points down which means downward movement in the price of the cryptocurrency. As the bears’ pressure increases and more candles formed and closed below the two EMAs crossover, $7.30 may be the next bears’ target in the medium-term.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in the short-term outlook. The bears kept the pressure up and continue to make a new low as the bears target of $8.01 was broken. The price went further down to $7.42 in the demand area before the close of yesterday’s market.
The daily opening candle was bearish at $7.73 compared to yesterday’s opening of $8.33. This shows more seller presence to further push the price down in the short-term.
The stochastic oscillator is in the oversold region at 22% and its signal points down. It reflects the downward momentum in the price of the cryptocurrency due to the bears pressure.
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