EOSUSD Price Medium-term Trend: Ranging
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS is still in a range in the medium-term outlook. The bearish railway track formed after a 4hr after opening had little no impact as a rejection to the downside was seen due to the bulls gradual return. The price was pushed up to $7.23 in the supply area as the bullish momentum increased.
The stochastic oscillator is at 66% and its signal points up which shows upward price movement due to the bullish pressure within the range.
EOS is still in consolidation and trading between $7.33 in the upper supply range and at $6.83 in the lower demand range. Patience will be a good strategy to adopt and wait for a breakout at the upper range or breakdown at the lower range before taking a position.
EOSUSD Price Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. At $6.93 in the demand area, the bears lost momentum as you can see from the wicks formation which means exhaustion. Moreover, a bullish hammer in the area is a confirmation for the bulls return.
The bullish momentum led to break of $7.05 in the upper range and went further to $7.11 in the supply area before the close of market.
The one hour opening candle was a bearish inverted pinbar and the price was down to $6.96 in the demand area and back in the range.
The bullish pressure returned and this broke the upper range and went up to $7.23 in the supply area. The stochastic oscillator is in the overbought region at 82% and its signal points up which connotes upward momentum in the cryptocurrency’s price.
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