EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues ranging in the medium-term outlook. The bullish recovery from $4.88 in the demand area was further confirmed by the bullish spinning top. EOS dropped to $4.98 in the demand area below the 10-EMA as the cryptocurrency continues in the range bound zone.
The stochastic oscillator is in the overbought region at 74%. It signals is parallel, a reflection of the ranging scenario. EOS remains in consolidation and trading between $5.24 in the upper supply area and at $4.68 in the lower demand area. Traders should be patient for either a breakout at the upper supply area or a breakdown at the lower demand before taking a position.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency returned to the range in its short-term outlook. The double bottom formation at $4.90 in the demand area shows strength at the lower price range.
The 1-hour opening candle at $5.05 was bullish and price was up $5.09 in the supply area earlier today before rejection to upward movement. Thus the bears returned with the stochastic oscillator pointing down. It implies a downward movement in price as the cryptocurrency consolidates.
EOS is still ranging and trading between $5.40 in the upper supply area and at $4.83 in the lower demand area. Patience is key at this period of consolidation for a defined trend after a breakout or a breakdown.
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