EOSUSD Price Medium-term Trend: Bearish
Supply zones: $10.00, $11.00, $12.00
Demand zones: $4.00, $3.00, $2.00
EOS is in a bearish trend in the medium-term outlook. The bearish pressure was strong as $6.83 of the lower price range was broken with a large engulfing candle.
This opening 4-hour candle was a marubozu and an indication of a full bear takeover which pushed the cryptocurrency down to $5.80 in the demand area.
The price is below the two EMAs and was at this demand area on 9th April. The EMAs are fanned apart which implies strength in the context of the downward trend.
The stochastic oscillator is in the oversold region at 7% and its signal points down which implies downward price movement.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. $7.23 in the supply area was the limit the bulls could push to and it lost momentum.
The bears returned after the bearish gravestone doji formation and pushed the price to 5.80 in the demand area. Rejection to upward price movement by bulls was seen at $6.07 despite the bullish railroad formation.
The stochastic oscillator is in the oversold region at 19% and its signal points down which connotes downward momentum in the cryptocurrency’s price in the short-term as the bears’ momentum increases.
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