EOS Price Analysis – August 22

  • A ranging scenario in both the medium and short-term outlook.
  • A breakout at the upper supply area or a breakdown at the lower demand area will occur but patience should be exercised for this to occur before riding the trend.

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 continues in the range in its medium-term outlook. The bullish spinning top at $4.66 in the demand area was key in the return of the bulls with the price up to $4.96 in the supply area. EOS was up at $5.36 in the supply area at the opening with a bullish 4-hour candle breaking the upper supply area of yesterday's range.

The price is below the 50-day EMA with the bears returning and pushing the price back down currently at 4.97 in the demand area.

EOS continues ranging and trading between $5.30 in the upper supply area and at $4.69 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: Ranging

 Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency returns to the range in the short-term outlook. The strong bullish pressure broke the $5.00 of the upper supply area of yesterday's range and lost momentum. EOS was up $5.36 in the supply area earlier today before the bullish exhaustion.

The price was down to in the demand area in the demand area with the stochastic oscillator at 44% and its signal points down which implies downward movement in the price of the cryptocurrency may occur within the range.

The cryptocurrency is ranging and trading between $5.26 in the upper supply area and at $4.85 in the lower demand area of the range.

Patience is key at this moment for a breakout or breakdown to occur 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.