EOSUSD Price Medium-term Trend: Ranging
Supply zones: $10.00, $11.00, $12.00
Demand zones: $4.00, $3.00, $2.00
EOS is still in range in its medium-term outlook. $5.94 in the supply area was the point in which bullish pressure pushed the cryptocurrency up. A bearish inverted hammer formation saw the bears return. The crypto’s price went down to $5.62 in the demand area
The opening 4-hour candle at $5.75 was bearish and EOS’ went down to $5.40 in the demand area. Further downward price movement was rejected as the bulls staged a comeback. The stochastic oscillator is in the oversold region at 28% and its signal is pointing up which connotes upward movement within the range.
EOS is still ranging and trading between $6.06 in the upper supply area and $5.32 in the lower demand area of the range. Traders should try to take a position after a breakout at the upper range or a breakdown at the lower range with the right candle pattern as confirmation.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency returned to a range in the short-term outlook. Bullish pressure saw it drop to $5.94 in the supply area. The bears returned with an engulfing candle, taking EOS down to $5.72 before the market closed yesterday. Today the bearish pressure continued as its price went down $5.40 in the demand area.
The bulls’ return came with a large engulfing candle and the price shooting up to $5.66 in the supply area. The stochastic oscillator is at 36% and its signal points up which implies upward momentum for the cryptocurrency.
EOS is still consolidating and trading between $5.77 in the supply area of the upper price range and $5.45 in the demand area of the lower price range. Traders should be patient and let a breakout occur at the upper supply area to go long or a breakdown at the lower demand area to go short.
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