EOS Price Analysis – August 13

  • A ranging scenario in both the medium and short-term outlook
  • Patience will be a good strategy to adopt as the cryptocurrency consolidates

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Ranging

Supply zones: $9.00, $10.00, $11.00

Demand zones: $4.00, $3.00, $2.00

EOS is still in a range in its medium-term outlook. $5.32 at the lower demand area of price analysis on 10th of August was nicely broken due to the strong bearish pressure. Momentum down south was further increased resulting in price at $4.82 in the demand area.

The bulls returned and pushed the cryptocurrency up to $5.33 in the supply area before losing momentum. The bearish railroad formation dropped the cryptocurrency down to $4.88 in the demand area.

The opening 4-hour candle at $4.95 was bullish. The stochastic oscillator is in the oversold region at 29% and its signal is pointing up which implies an upward price movement within the range may occur.

EOS is still ranging and trading between $5.66 in the upper supply area and $4.88 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 is still in a range in the short-term outlook. After pushing the price down to $4.82 in the demand area, the bears lost momentum. The double bottom formation at the area made the bulls stage a comeback.

The price was up $5.33 in the supply area. The bears returned with an engulfing candle, taking EOS down to $4.90. The 1-hour opening candle was bullish at $4.95 and price was pushed up $5.09 above the 10-day EMA within the range.

The stochastic oscillator is at 49% and its signal is parallel which reflects the consolidation currently ongoing.

EOS is still consolidating and trading between $5.27 in the supply area of the upper price range and $4.85 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.