EOS Price Analysis – August 16

  • The medium-term outlook is ranging while the short-term outlook is bearish
  • Patience will be a good strategy to adopt while trading the range

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Ranging

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS returns to the range in its medium-term outlook. The bullish pressure brought the cptocurrency up to the supply area at $4.92. This was the second touch at the 61.8  fib level. The price was down to $4.57 in the demand area as the bears staged a comeback.

The formation of a doji coupled with a bullish candle which the closes above the 10-day EMA are a sign of the bulls return within the range.

EOS is ranging and trading between $5.00 in the upper supply area and at $4.30 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area to occur before taking a position.

EOSUSD Price Short-term Trend: Bearish

 Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency remains in a bearish trend in the short-term outlook. The downward trendline of yesterday's analysis was broken as the bullish momentum was high, pushing the price up to $4.91 in the supply area above the 10-day EMA. Rejection to upward price movement was seen in this area as the bears returned and pushed the price further down to $4.57 in the demand area.

The stochastic oscillator is 45% and signal points up which implies upward movement in the cryptocurrency to complete the right shoulder in the short-term.

 

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