EOS Price Analysis – September 24

Azeez Mustapha
  • The bulls in control of medium outlook while the short-term outlook is ranging
  • Traders should be patient and allow a breakout or breakdown from the range before taking a position.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Bullish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS continues in a bullish trend in its medium-term outlook. The strong bullish pressure was sustained with the $6.20 bulls target achieved on 21st September before the close of the trading session. Rejection to further upward price movement was seen at the supply area with the candle closing bearish with a wick.

The Fibonacci tool shows that price is within the 38.2 fib level, a trend continuation zone. The bears may push price to the 50.0 fib level before a possible reversal to the upside. This stochastic oscillator further confirms the bear pressure with signal pointing down at 23%.

The medium-term outlook is bullish and current pullback is necessary for the market correction before uptrend continuation.

EOS Price Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEOS Chart by TradingView

The cryptocurrency enters into a ranging scenario in its short-term outlook. The strong bearish pressure dropped EOS initially at $5.77 in the demand area which was at the 50-EMA. Further, push to $5.59 in the demand area after the bearish 1-hour opening candle today at $6.08. Price is below the two EMAs crossover an indication of bearish pressure with the range.

EOS is in consolidation and trading between $6.19 in the upper supply area and at $5.56 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur therefore traders should be patient and wait for this before taking a position.

 

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