EOS Price Analysis – July 2

Azeez Mustapha
  • The medium and short-term outlook is in consolidation
  • Patience trading the consolidation as a breakout to the upside or a breakdown to the downside could occur anytime.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Ranging

Supply zones: $15.00, $16.00, $17.00

Demand zones: $6.00, $5.00, $4.00

EOS is ranging in the medium-term outlook. The bears' strong pressure succeeded in pushing price to $7.03 in the demand area and failed to retest the $6.96 target. The bearish momentum gradually fades as the bulls made a return. The formation of the bullish engulfing candles ensures the cryptocurrency upward movement to $8.23 in the supply area. The close of the 4hr candle below the 50 EMA made the cryptocurrency enter consolidation.

The stochastic oscillator is 65 percent. Its signals point down, which implies downward momentum in price movement of the cryptocurrency due to the bears' pressure may likely occur in the medium-term. EOS is trading between $8.12 in the supply area of the upper price range and $7.19 in the demands area are of the lower range. Traders should be patient and allow a breakout or a breakdown from the range before entering a trade.

EOSUSD Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is consolidating in the medium-term outlook. It is trading between  $8.14 in the supply area of the upper price range and $7.92 in the demands area of the lower price range. Price is above the 10-day EMA which implies bullish pressure.

The stochastic oscillator is in the oversold region at 24 percent and its signals point up which implies upward movement in price movement in the short-term. Traders could scalp with a good scalping strategy while the cryptocurrency ranges.

 

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