EOS Price Analysis – August 28

  • The medium and short-term outlook is in a bullish trend.
  • Responsible buying at former supply areas-turned-demand areas with a bullish candle reversal pattern as further confirmation is advised

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Bullish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS is in a bullish trend in the medium-term outlook. The strong bullish pressure was sustained as the upper supply area of yesterday's range was broken at $5.30 with a large engulfing candle that pushed the price to $5.43. A retest of the broken supply-turned demand area occurred with the bearish 4-hour opening candle before the continued bullish momentum.

The price is above the two EMA crossover and the stochastic oscillator is 84% in the overbought region. The bulls are on the ground and an upward movement of price of the cryptocurrency may occur in the medium–term with a target at $5.80 in the supply area.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is in a bullish trend in the short-term outlook. The upper supply area of yesterday's range at $5.19 was broken with a large bullish engulfing candle. The price was further up at $5.43 in the supply area yesterday.

A minor pullback to $5.30 in the demand area due to the bears' pressure occurred but failed to break the 10-day EMA. The price is above the two EMAs crossover with the stochastic oscillator at 72% and its signal pointing up. This implies sustained bullish pressure as the journey north builds up.

 

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