EOS Price Analysis – August 10

Azeez Mustapha
  • EOS' medium and short-term outlook is ranging
  • A good strategy to adopt will involve patience while the cryptocurrency ranges. 
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Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

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

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

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.

 

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