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
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.
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