EOS Price Analysis – August 17

Azeez Mustapha
  • EOS is in consolidation in its medium and short-term outlooks.
  • Trading the range traders should wait for a breakout or a breakdown.

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 returned to the range in its medium-term outlook. The bulls managed to take it to $4.80 in the supply area before the bears came. Its price was down to $4.40 in the demand area after a doji formation.

A bullish 4-hour opening candle at $4.51 led to an upward movement for EOS, leading its price to $5.00 above the 10-day EMA as the cryptocurrency ranges. EOS continues ranging and trading between $5.00 in the upper supply area and $4.30 in the lower demand area of the range. Traders should wait for a breakout or breakdown before entering a position.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency entered a range in the short-term outlook. Bearish pressure pushed its price down to $4.40 in the demand area as the market rallied yesterday. The opening 1-hour candle was bullish and the cryptocurrency went up to $5.00 in the supply area.

The resistance at $4.90 was broken but a large bearish candle was soon formed and price came down to $4.74 in the demand area below the 10-day EMA. EOS is ranging and trading between $4.90 in the upper supply area and at $4.48 in the lower demand area of the range. Traders should be patient and allow a breakout or breakdown before taking a position.

 

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