EOS Price Analysis – August 9

Azeez Mustapha
  • Ranging scenario obtains in the medium-term outlook while the short-term is bullish. 
  • Traders should be patient trading the range to let a breakout or breakdown occur before taking a position.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Ranging

Supply zones: $10.00, $11.00, $12.00

Demand zones: $4.00, $3.00, $2.00

EOS is ranging in the medium-term outlook. $5.31 in the demand area was the point the bearish pressure pushed the cryptocurrency down/ The gradual return of the  bulls could only manage a push of the price to $5.70.

The opening 4-hour candle at $5.58 was a bullish spinning top an indication of the bulls' increased momentum. The cryptocurrency was up at $5.77 in the supply area.

The stochastic oscillator is in the oversold region at 18% and its signal is parallel which connotes the ranging scenario of the cryptocurrency.

EOS is ranging and trading between $6.06 in the upper supply area and at $5.32 in the lower demand area of the range. Traders should look to take a position after a breakout at the upper range for long or a breakdown at the lower range for a short with the right candle pattern as extra confirmation.

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 bullish pressure returned after the cryptocurrency was down to $5.31 in the demand area.

The bullish momentum gradually pushed the price to $5.77 in the supply area above the 10-day EMA.

The stochastic oscillator is at 72% and its signal points up which implies upward momentum in price as the bullish pressure increases.

The bullish momentum may increase in the short-term and this will lead to more candles being formed and closed above the 10-day. $6.20 in the supply area may be attained in the short-term by bears.

 

 

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