EOS Price Analysis – August 23

  • The medium-term outlook is in a range while the short-term outlook is in a bullish trend.
  • Patience is required trading the consolidation.

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 remains in the range in its medium-term outlook. The $4.69 of the lower demand was broken as the bears' pressure continued. The cryptocurrency price dropped to $4.50 in the demand area as SEC rejected nine ETF proposals which has impacted EOS due to its correlation with bitcoin.

The formation of a bullish long-tailed candle returned the EOS inside the range returned the bulls and price was up $4.81 in the supply 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: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is in bullish trend in the short-term outlook. The strong bearish pressure broke the $4.85 of lower demand area and pushed price further down to $4.50.

Price was up $4.81 in the in the supply area above the 10-day EMA. The stochastic oscillator at 77% and its signal points up which implies upward momentum in the price of the cryptocurrency as more bullish candles are formed and closed above the 10-day EMA.

 

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